Market out look 17th Oct 2017
Nifty Above 10200 target 10500 10700
Bank Nifty – Above 25200 target 26500 +
Due to long weakend –
Time for consolidation
Trade Low volume Trade
Market out Look : Market are continue in bullish trend and almost all sector are participating specially Metal are showing major strength and up move continue. However due to vacatgion and Diwali festical we expect that time for consolidation and there is no big up side in next two trading sessions, however, some profit booking can not be ruled out. Now time to some profit at home on the eve of Diwali Festival and major trigger and result after weakness over.
Technical Out Look
Nifty : Consider support 10150-110170 and resistance nearly 10250-10270 crossover more up side but sudden profit booking in the market likely.
Nifty future : Buy on decline around 10200-10205 with stop loss 10150 target 10250 10280 10300. Trade and sustained above 10200 strong positive bias in market.
Bank Nifty Future : Smart recovery seen and a very short term 800 points rally which is mainly lead by HDFC Bank, Kotak Bank and Axis Bank. Trend is positive and last and final resistance 25200 thereafter major up side and broad based rally in all banking stocks including PSU bank which is laggered at current level. Now time to pause with consider support 24500 and below time to sell side.
Metal Index : Metal stocks and Index continue out perform which is lead by Tata Steel, Vedl and Hindalco. Over all up move continue as commodity price in world wide trading their new high. Consider support 3800-3790 and resistance 3850-3860 watch out.
Pharam Index : Consider support 9300-9350 range and up side open towards 9800-10000 mark. Dr Readdy Lab Sun Pharma, Aurbindo Pharma, Cipla, and Divis Lab very hot and any dip to go long side. Very Hot.
PSU Bank Index : Trend is down but now over sold and some recovery in front line PSU bank likely. Consider support 3000-2950 and resistance 3080-3100 in near term.
Long Side : Federal Bank, M&M , M&M Finance and many more
Short Side : DCB Bank, Indus Bank Colpal and godrej Industries.
Stock of Month : Bharti Tele….Yesterday move 30 points.
More details call
3M Team Research
9630466296-9203901698
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