Tuesday, May 29, 2018

Market Out Look dated 29th May

Market Out Look dated 29th May
Short term trend is bullish, banknifty leading this bull rally don’t go for aggressive short side, more upside move we will see, global sentiments also positive, buy on decline strategy.. Over all trend is bullish but resistance likely at 10735 which is 61.8% retracement of previous rally. On the other side last 5 days smart move seen in market so some profit booking and buying likely to eased in near term. Time to book profit or hold trading stop loss.
Today up move only if crossover and stay above yesterday high in Index and Stocks and it should be break yesterday low under any circumstances, so up move continue..
Bank Nifty
Downside support 26250-26350, Upside Resistance 26700-26800. We are bullish above 25800 and our target 26700 have been achieved and now time to book profit in tomorrow morning in early trade and seat a die lines.
Heavy short covering seen in following stocks.
Bank of India 22 lacs
LT 10 lacs
ICICI Bank 46 lacs
Aurbindo Pharma 32 lacs
Bank of Baroda 65 lacs
HDFC 32 lacs
VEDL 63 lacs
Reliance 21.90 lacs
SBI - 1 crore above
Marutiy 7.65 lacs
Yes bank 83 lacs, PNB 1.35 crores
and many more....
Short Seen in following stocks
Tech Mahindra 7.65 lacs
M&M 10 lacs but near to support level............


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