Market out look dated 2nd JULY 2018

Market out look dated  2^nd JULY 2018

Market Trend :

   V shap recovery at lower level – Last week low are major support level.

As mentioned market was over sold and strong recovery seen fro mthe low of 10600  and successfully closed above 10700 level which indicate major short covering in system . On the other hand on weely chart hammner pattern also formed and consider stop loss of Friday low and any dip to buying opportunity in market. However, Crude prices are continue up side which is a major concern of our market alongwith rupee is also depreciate by almost 9 percent in last six months  and RBI will intervene.  Over all selective investment reqired in front line  and quality stocks.   

Nifty Spot :

 After sharp recovery from Friday, today market likely consolidation with positive bias with consider support nearly 10680 to 10640 which is decent opportunity to long side, up side resistance 10750 and above more up side again towards 10800 mark. Any dip to buy side.   Friday Low consider support of long position 10612.

Bank Nifty Future :

    Bank Nifty are continue holding support level which is placed at 26200  mark and finally on Friday it was closed at 26332 mark. Now considerresistance 26500  and above it will show strength towards 26750 whereas support nearly 26000-25900 watch out.  

FO QUES  :

Highest Put at  10600-10600-10700

Highest call seen at 11000   10800

Pur writing seen at 10600-10700.

Long Side:    Bata India, Apollo Hospital, Can Bank, TataElexi and many more.

Short side :     Tech Mahindra, Reliance Infra, Biocon.

Short Covering  :   Gail, Titan, Hindalco, Tata Steel and Reliance

Long Unwinding   :   -----

PSU BANK INDEX

  Selling pressure continue, but already in over sold region so at the current level there is no selling opportunity as RSI is very lower level.   Consider major support 2690-2700 range  and dip to buy side in front line stocks like, SBI, Indian Bank, Can Bank and Bank of Baroda.  Avoid small PSU bank.  

PHARMA INDEX

  Some profit booking seen at higher level  but any dip to buy side.

More details and entry level call

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