Market out look dated 22nd June June 2018
Market Trend :
Market are continue in trading range for the last 10 trading sessions and waiting for either side break out.
Book Profit in Pharma Stocks and wait for decline then re-enter agan.
Over all market are consolidation range and at lower level holding support and higher level supply continue in market. On Thursday market open with good note but unable to hold of early gains and 10800 level and finally due to profit booking and long unwinding specially in Pharma and banking stocks closed with a red and loss of 31 points. As long as holding 10690-10700 we can say bullish view continue and as per Nifty 15 minutes chart higher level resistance continue which is placed at 10808 and 10828, short term up trend will be start above that level. On the banking front Nifty unable to hold yesterday gain and due to profit booking it has closed below 26500 mark, however still holding above support level and any buying in front line stocks like HDFC Bank and ICICI Bank will spurt, on the PSU bank over all selling in market. As strategy is that buy on weaknes and sell on strength to follow on Friday trading and and likely some support in heavy weight can not be ruled out.
As in June month heavy buying seen in Pharma stocks but on Thursday heavy profit booking seen across all the forms stocks likely Lupin, Aurbindo, Cipla, Sun Pharma, Dr Readdy Lab, Biocin, Cadila, Ajanta Pharma, Star Phama resulted decreased in open interest and decrease in price and simaultaneously Pharma Index almost closed near to day low which is 9199 and high was 9346.
Nifty Spot :
Nifty are finally in trading range and yesterday it was closed at 10740. Now we may consider resistance at 10760 crossover it will move towards 10795 and 10808, down side support 10726 and remain below towards 10710-10700 and remain below over all selling seen in screen.
Stop loss for long 10694 and as remain above up side open towards 10970 and 11205. Likely
Bank Nifty Future :
As trading range continue and likely more consolidation in few trading sessions. We may consider resistance 26520 to 26550 whereas major supply zone and down side support nearly 26400 and major support 26200. As long as holding 26200 there is no major weakness on chart.
Consider stop loss for long 25895, as hold upper side open towards 26679, 27590-28225 in coming days.
FO QUES :
Highest Put at 10700 and 10600.
Highest call seen at 11000 and 10800.
Call Writing seen at 10800 and 11000
Put writing seen at 10750 and 10800
More details and entry level call
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