Market out look 23RD Oct 2017
Nifty Break 10200
Bank Nifty - Bearish Zone
Last Support range 23800-23611
Sustained below – Target 20310
Market out Look : On 19th Oct, Muharat Trading heave selling seen in Nifty specially Bank Nifty and almost wipe out more than 400 points in a one hrs trading which indicate major down side in coming days. Broad based selling and profit booking both indices closed at lower level. Time being please avoid any fresh long position and do not excited on the recommendation of blue channels, they are always recommending to buy side.
Technical Out Look
Nifty : Consider resistance 10200-1250 range and rise to sell side with stop loss above 10310 target 10000-9900 possible. Trend will change once it will closed above 10300 and sustained.
Nifty future : Trend have been changed from buy on dip to sell on rise. Sell on rise around 10160-10180 range with stop loss 10250 target 10100-10050 and below.
Bank Nifty Future : Heavy sell off seen on Muharat Trading and almost wipe out more than 600 points in two trading session, Short term trend is down and wait and watch major support range 23800 to 23611, if able to hold these level, some bounce back can not be ruled out, but if unable to hold and trade and sustained below down side open towards 20300 on weekly chart.
Metal Index : Metal stocks are continue shining but time to cautious approach at current level. We may consider support nearly 3700-3750 range and resistance 3850. Time to book profit.
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 again confirmed when it was break down 3200 mark and alst support nearly 2900 thereafter vertical fall in market. Best Sell side – SBI-Bak of Baroda, Can Bank, PNB , Indian Bank and many more.
Buy Side - Havells, Grasim, AB Capital, CESC. Bharti Tele, BPCL – HPCL –Reliance, Tata Steel, Hindalco and VEDL.
Sell side - Yes Bank –Axis Bank, ICICI Bank,HDFC Bank, SBI, BOB, PNB,
More details call
3M Team Research
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