Market Trend : 17th August 8 2018
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.
Yesterday high is a very crucial.
As market open with a bearish note but intra day some recovery seen but last hrs of the day heavy selling seen in Banking stocks and finally closed with a red note of 50 points of Nifty. However trend is still remain bullish as long as Nifty hold 11200-11300 range once crossover 11500, strong up move possible. Today crossover yesterday high very bullish or decline any dip to buy side. No short sell.
Nifty Spot :
Over all consolidation, hold yesterday low 113600-11350 range and trading above 11400, another up move cannot be ruled out.
Nifty Future :
Intra day some selling seen and made a low 11370, now consider support 11350-11300, upper side resistance 11422,crossover with volume sharp move towards 11460, thereafter 11500 and above. Strength above 11505, thereafter big move.
Bank Nifty :
After break a 28200, overall selling seen in Bank Nifty future. ON the other hand highest call are hold 28000 which is a short term resistance and 27500 highest put hold which is also a short term support level. So some more days to time for consolidation
CNX PSU BANKS :
Over all selling pressure continue after SBI Result. Now consider resistance 3200-3250 and support nearly 3100 break below more down side.
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 big move in pharma sector.
Finally it was closed above 9600 after a long time so buy front line stocks and likely test 10000 mark.
CNX Metal :
Over all trend is side between 3300 to 3500 weakness to buy side. Concentrate only front line stocks.
3M Team Research
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