Market out look dated 6th June 2018
As expected market was volatile and finally it was closed with a read note but holding strong support level and bounce back seen in market. As today RBI policy so high volatile can not be ruled out andafter 2.30 when it will be announced market will take direction. Today crossover yesterday high and stay above only positive side, on the hand, break yesterday low after RBI policy major selling in market likely. So today be cautious at all and take a trade with a strict stop loss in either side.
Nifty Spot :
Yesterday it was smart pull back seen from the support level as mentioned earlier in this column at 10550 and closed around 10590. Trading range continue with consider today resistance 10635, once crossover and stay above these level upper side open towards 10680-10700 and major resistance 10730 watch out, down side support nearly 10550 and break down with volume and addedopen interest , down side towards 10500-10480, likely. Major support 10400-10420 watch out.
Highest Call seen at 11000 and 10700, whereas highest put at 10200 and 10600
Bank Nifty :
As mentioned yesterday decent support 25900-26000 range and some pull back seen. Now today RBI policy and likely it will decide the trend. Wem ay consider major resistance 26250-26400 and support 26900. Only just watch level and trade only once RBI credit policy out.
FO QUES :
Long Side : Godrej Ind, Reliance, BPCL, Ujjaivan.
Short side : NIIT Tech, Voltas, DHFL, Just Dial, Tata Elexi, KPIT, Ajanta Pharma, Titan and India Cement.
Reliance – short covering seen, Tata Steel, short covering seen, NIIT Tech, Hexaware, KPIT, Mind Tree – fresh short and long unwinding seen. Maruti, Short covering, LT – long exit Idea – fresh short seen, Titan, short seen .
More details and entry level call
9630466296 / 9301302732
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