Thursday, October 26, 2017

Market out look  26th  Oct 2017

Market out look  26th  Oct 2017

 Nifty  AbOVE 10250-10200
Up move continue.
Bank Nifty  -  Above 25000  remain good

Europhilia in PSU Bank stocks

Market out Look   :        After govt. announced PSU Bank package and Sagar Mal package to thrust in infra structure project market open with strong movement and big up side gap and madness seen in PSU Bank stocks and almost added more than 1 lac crore market capitalization and 20 to 50 movement of banking stocks.     Over all trend is bullish and today is a FO expiry advised to avoid fresh long and time to book profit or trailing stop loss .   Fresh trade should be avoid at current level.
Technical Out Look
Nifty  :       Consider support 10250-10200 range and upper side up side towards 10350-10400-10415 possible.
Nifty future  :     Buy on decline with consider support 10200-10250 range and heading towards 10350 10400.   Heavy short covering can not be ruled out.
Bank Nifty Future :            Trend is very positive with consider support 24900  and stay above 25200  more up side and on closing basis towards 25500 26000 mark in near term.
Metal Index    :        Trend is positive with consider support 3800  and resistance 3950-4000  in near term.  Buy on decline in Tata Steel and VEDL. 
 Pharam Index     :      Decent support nearly 9300 and resistance 9500 9600 watch out.
PSU Bank Index     :             One of the highest up side in PSU Bank history and a single day more than 800 points added and closed around  4010 which is almost 29 percent of yesterday closing.   Over all major PSU bank stocks, heavy short covering seen .
Short Covering in Banking stocks.
SBI  short covering 3.54 crore shares, Bank of Baroda – short covering 2.21 crores, ICICI Bank  - short covering 2.76 lacs, Union Bank – short covering 70 lacs, PNB – short covering 56 lacs,  CVan bank – short covering 38 lacs, Oriental Bank  - short covering 41 lacs, Bank of India – short covering 60 lacs, Indian Bank short covering 14 lacs, Andhra bank – short covering 70 lacs, Syndicate Bank short covering 56 lacs.  Axis Bank short covering 1.46 lacs.
Long Exit   :
Yes Bank  - 1.07 crores, HDFC Bank    59 lacs  Kotak Bank – 15 lac shares and many more.


More details call
3M Team Research
963046629-9203901698

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