Market Outlook
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Market are continue in trading range but unable to cross their resistance level and selling pressure in market continue. Today open with good note but unable to hold and finally made a low nearly 10400 but some support seen at lower level and closed nearly 10445. Time being avoid trading in Index and concentrate stock specify.
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Bitcoin
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Correction likely continue but any time it will bounce back
Ripple (XRP) At current level 2.31$ buy and forget which is likely another Bicoin in years to come. Presently in Cryptocurrency Riple is second in terms of volume. More than 70% holding of banks and financial institution. Some of our Indian Pvt banks already accepting .
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Nifty Spot
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Consider support 10390-10400, resistance 10460-10500 once stay above trend is very positive and major up side on the card towards 10550-10600. Major support 10300 whereas highest put hold.
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Nifty Future
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Consider support 10430-10400 intra day weakness to buy side, upper side resistance 10500-10530 and major resistance 10552 watch out.
Major support Jan -2018 -10391 – below only weakness.
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Bank Nifty Future
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Selling pressure continue at higher level with consider resistance 25500-25500, down side support 25200, break down these level non stop target 25000 likely.
Major support of Jan – 24800 – till not strong b ullish and likely test 26000-26500 in jan 2018.
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PSU BANK
INDEX
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Heavy selling seen in PSU Banking stocks with consider resistance 3700-3750 and support 3600 +.
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Pharma Index
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After made a low of 8923 strong bounced back and almost gained more than 600 points and able to closed above 9600 mark. Strong bullish and dip to buy side. First target 10000 and thereafter major up move open. Very Hot and Buy.
We may consider major support 9500 and resistance 9800. Concentrate front line stocks like, Dr Readdy Lab, Aurbindo Pharma, Sun Pharma, Divis Lab, Glen Mark Pharma, Neuland Pharma, Wockhard Pharma and many more.
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Metal Index
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Holding above 3900 trend is positive and up move continue, down side support nearly 3870-3800 range.
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OPEN INTEREST ANALYSIS
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Long side- TVS Motor, Tata Elexi, Dish TV, Ashok Leyland, Bhel, KPIT.
Short side : Eicher Motors, Pidlite, R. Power, BPCL, Can Bank, Andhra Bank, Divis Lab, All Bak, OBC, Bank of India.
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Important point
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Tata Power
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Bullish break out and buy side
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Eicher Motor
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Hot Sell - Big fall in coming days More than2428 contract added which is short side.
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M&M
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Buy on decline.
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Maruti Ltd
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Weakness continue. Support watch 9500 +
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Axis Bank
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Buy above…………….
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Rel Capital
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Lower level to buy side.
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Rel Comm.
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Long unwinding seen.
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UPL
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We are bullish from the level of 750 +
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Sun Pharma
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Decent support 568-570……………
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Reliance
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Wait for break out in either side.
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Dish TV
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Break out with Volume
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Ashok Leyland
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Up side continue.
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Century Textile
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Higher level to sell side.
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