Market Trend : 10th August 2018

Market Trend   :  10th August  2018   Nifty Hold Support 11200 up side open towards 11500  Break out Target 11200-10000 = 1200 Target 11200 + 1200 =Projected Target 12400 + Bank Nifty  : Trading Range 27164 to 26060  (Break out Area) 27164- - 26060 = 1104 Upside projected 27164 + 1104 = 28268  (Upside projected Target) Now Time to  Some Profit at Home  :  New Life Time high continue but this will be continue perhaps Not……  However, at the current level trend are feavour with bulls and we are playing with trend so we are also bullish.  However, from the level of 10500 almost 1000 points nifty move without any pause and finally our target 10500 have been achieved but at the current level there is no fear to down and strong momentum in market.    So any dip to buy side.  We are expecting another major break out on Friday. Nifty Spot  :  Trend is very bullish as market are entered in unchartered terrority so up move continue once crossover previous high.   As a technical side, intraday any dip to buy side with consider support 11430-11400 and major support 11350, upper side stay above 11500, up side target 1540 11600 and above. Last week Trend High Low Close 52W-High 52-Low Nifty Spot 11368 11295 11361 11368 9685 5 DMA 10 DMA 50 DMA 100 DMA 200 DMA 11325 11242 10880 10677 10567 Nifty Future  : Nifty Future bull move continue and bullish view and yesterday lamost 70000 added in long side.  Today support 11470-11460 whereas to buy side, upper side crossover 11510, up side towards 11540 10590 11600. Last week Trend High Low Clos Nifty Future 11407 11274 11396 Bank Nifty  : Trend is bullish and now  continue trading and closed above 28000 strong bull phase in market and looks that after Morgan Stanley report of ICICI Bank, major buying expected in coming days in all private sector banking stocks which is already seen in ICICI Bank, SBI and Axis Bank.   On the other hand yesterday almost 2.13 lacs shares added in long side. Consider support 28100-28150  and major support 28000, upper side  target 28500-28650-28750 in coming days.    No Short sell. Major support 27000-27165 till hold these level up side target 28250-28500 in near term.  On Weekly Chart - major support 25000-25500 and up side open towards 31000-31500 on weekly chart. Last week Trend High Low Close 52-W High 52-W LOW Bank Nifty Future 27872 27415 27777 27872 --- 5 DMA 10 DMA 50 DMA 100 DMA 200 DMA 27650 27430 26740 25976 25746 FO QUES   : Highest Put 11000   - 11300 Highest Calls 11500—11600 Put Writing 11400-11500 Call Writing 11700-   11800 Long Side Indian Bank, SBI, ICICI Bank, Axis Bank, Bank of Baroda, VEDL Short Side RBL, MRF, Cumins, KPIT, Kotak Bank, Hexaware Short Covering RBL, MRF Long Exit Cipla, Dr Readdy Lab. CNX PSU BANKS     : Over all positive bias and strong bullish note with consider support   3250, upper resistance 3360-3400 watch out. Over all trading above 200 DMA indicate up side continue and more up move in coming days. Today SBI Result. Last week Trend High Low Close 52W-High 52-W Low - 3270 3135 3239 4335 2645 5 DMA 10 DMA 50 DMA 100 DMA 200 DMA 3206 3092 2931 2895 3254 Basket of PSU Banks :   SBI –BOB-Can Bank- Indian Bank_ Syndicate Bank, Union Bank, Andhra Bank, IDBI, All Bank, Bank of India. CNX IT    : Strong bull as remain above 14000, upper side crossover 15000, another round of buying in IT stocks. Trend is bullish  and buy side. No view change. Last week Trend High Low Close 52W-High 52-W Low 14740 14387 14649 14771 10388 5 DMA 10 DMA 50 DMA 100 DMA 200 DMA 14577 14570 14100 13647 12736 Basket of IT Stocks  -  TCS-Infosys,Wipro, HCL Tech, Tech Mahindra, Infebeam, OFSS, KPIT  Tata Elexi. CNX Pharma  : Strong bull  seen in last few weeks and after made a low 8724 it was made a high 9558 and finally it has also break out trding range which was 9470 to 8724  = 724 points on chart.  So projected target in near term 9470 + 724 = 10194  likely .  On the other hand trading above on weekly chart i.e. 10000 and on sustainable basis, big   towards 12000 and above.  So any dip to buy side and after a long term consolidation of 3 years looks over and ready to big big move in pharma sector.    Lower level to buy side.  However, result are not up the mark like Lupin and heavy profit booking seen in Cipla, Auro Pharma and Sun Pharma. Last week Trend High Low Close 52W-High 52-W Low 9559 8978 9501 14771 10388 5 DMA 10 DMA 50 DMA 100 DMA 200 DMA 9304 9151 8976 8797 9058 Basket of IT Stocks  -  TCS-Infosys,Wipro, HCL Tech, Tech Mahindra, Infebeam, OFSS, KPIT  Tata Elexi. CNX Metal  : As we have mentioned that this sector is heavy over sold and at the current level all front like  stocks looks good and any dip to long side.   China fevour of metal over and ready to roar.  On the positive side, after made a low of 3062 it was finally made a high 3387 which was gained from the low almost 400 points.  However, still not break out in trading range which is  3430 to 3062 range = i.e. 368 points. Once it will cross and sustained above 3420 up side open towards 3700-3798  whereas 200 DMA also established.   Any dip to buy side.    VEDL-HINDALCO-TATA STEEL- very hot and buy.   No View change Last week Trend High Low Close 52W-High 52-W Low 3387 3266 3381 4256 3047 5 DMA 10 DMA 50 DMA 100 DMA 200 DMA 3336 3285 3405 3530 3710 Basket of Metal stocks -    Major contricutor – Tata Steel, VEDL, Hindalco, JSW Steel, Coal India, SAIL, Hind. Zinc, NMDC, JSW Steel, NMDC, NALCO. Forthcoming Results : 10th August -   Andhra Bank – Union Bank, Sun TV, SBIN, NHPA,  NCC,  PC Jewelles, Hindalco, GAIL, Glenmark, Apollo Hospital, Ltd