Market Trend : 16TH August.

Market Trend   : 16TH August.   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) – Our Projected Target 28268  - Last Week achieved made a High – 28386 Trading Range  11300 to 11500  - Closed above 11500 – ready for fresh move. After two days of weakness, on Tuesday market again up move and over all across the sector buying seen  which isled by  Private Sector Banking and short covering front line stocks.  However, such types of recovery looks that momentum very strong and any sharp fall, smart money are waiting for enter in the market. Rupee  : 70  : On the other hand, depreciate of rupee is major concern and first time it was cross and closed above 70 mark in India history.  Weakness in ruppe major concern for importaer and oil bill resulted trade deficit increase and all import based industries would suffer.  On the positive front export based industries like IT and Pharma companies will benefit whereas most revenue come from Dollar.    On a technical side, last resistance 71, thereafter big move cannot be ruled out which will   major cause of concern in our market.  So it will be necessary for RBI to intervene and purring dollar. Nifty Spot  :                                                                                                                                  Reversal seen from lower level and finally managed to hold 11340 mark. Over all trading range 11350 to 11500, break out either side, sharp move cannot be ruled out.  Lower level does not short side. Nifty Future  : Some positive bias seen and on intraday decline up to 11420-11400 decent opportunity to buy side, upper side resistance continue 11505, once crossover, major short covering and fresh buying cannot be ruled out. Bank Nifty  :  After made a low 27825 strong come back and it was made a high 28098 and finally closed near to days high.  Over all consider support 27750-27800 range and hold above, up side towards 28150-28350 possible. CNX PSU BANKS     : Over all selling pressure continue after SBI Result.   Now consider resistance 3200-3250 and remain below down side open towards 3100 and below. CNX IT    : Very bullish trend and fresh break out seen above 14731 and finally closed above 15000  mark, so any dip to buy front line stocks. 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   move in pharma sector.     As we are continue mentioned in this column that any dip to buy side and last two trading session almost gained more than 400 points, which is lead by Sun Pharma, Auro Pharma, Dr. Readdy Lab, Lupin.    Very bullish and ultimate target 10000  mark.   Fresh break out Sun Pharma , ready for big move. CNX Metal  : Overall trend is side between   3350 to 3500 3520 range, once break out in either side, we will see sharp move in metal stocks.  However, depreciate of rupee is also a cause of concern in metal stocks. Happy Trading Hrs. For Feedback/clarification/quarry, simply drop us a mail at : backoffice.3mteam@gmail.com. Cell No.  9630466296-9009932996  (Also available on whatasapp  3M Team Research 325  Millindia Manner, RNT Marg,  INDORE MP   452 006 9630466296-         www.3mteam.in