Market out look dated 7th June 2018
Market Trend :
.As yesterday it was mentionedthat short term bottom established at 10550 and crossover 10633 smart move and it was happened. As RBI increased 0.25 basis repo rate, inspite of that, market welcome this steps by RBI and major short covering and fresh long seen. As short term bottom have been established and we are moving short term up move towards 10750-10800 range in next two trading sessions. So at the current level avoid any short sell and hold long position and any weakness to buy side. As we have already mentioned that some stocks which are in ASL like HEG, GRAPHITE AND RAIN , all open with 5 percent down and closed with 5 percent long. We are already havinga delivery of these stocks in our portfolio.
Nifty Spot :
As mentioned that Nifty strong support established 10550 and ready to move and finally it was closed with a decent gained of 90 points at 10690. Over all looks that short term bottom have been placed and more up side in next few sessions with consider support 10600 and major support 10550, upper side move towards 10780-10800 range
Bank Nifty :
As mentioned yesterday decent support 25900-26000 and smart pull back seen after RBI Policy. Now consider support 26250 + and stay above 26500 up side open towards 26750-26800 -27000 likely
FO QUES :
Long Side :Zee, Recom, Arvind Mills, Amar Raja Battery Jubilant Food, Voltas, Indian Bank, SBI, Can Bank, Bajaj Auto
Short side : VEDL, NCC, Asian Paints, Just Dial, Pidlite.
Short Covering : Tata Motor, LT, Arvind Mills, Auro Pharma, SBI, NIIT Tech, Hexaware
More details and entry level call
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Rupee surges 24 paise at 67.46 on sustained dollar selling.
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