Market up dated 2nd August 2018

Market up dated 2nd August 2018 Nifty Resistance 11400-11435  - higher level some profit booking in market. Hold long with strict trailing stop loss. TODAY Reliance and ICICI Bank Result will play market. On the eve of RBI policy, heavy volatility seen in market and finally intraday it was made a high  11391 but unable to hold their gain and made a low 11114 and closed at 11346 with negative bias.  Bank Nifty also shown a profit taking which was led by ICICI Bank, HDFC Bank, Yes Bank.   Overall trend is bullish but at higher level be cautious.  On the other hand, Nifty also trading a very high PE against 2017 which is also   cause of consider so any trade with cautious.  Better to trade stock specify and time being avoid trading in Index. Mainly concentrate result stock and good opportunity trading.  Yesterday heavy selling seen in Tata Global, Apollo Tyre, Excide and Reliance Infra with added substantial open interest so likely follow up selling continue in this count Nifty Future : Yesterday high volatile seen and unable to hold at higher level 11403  (as we have written in this column number of times our resistance 11405 and reversal seen in market).   On the other side some short  also added by way  8.45 lacs shares added which is evident that higher level smart money  made a profit booking.  As Nifty already made a more than 400 points nonstop rally so some pause and consolidation.    As per technical level, resistance zone 11370=11410 once trading and sustained above, first sign of ready for upper band, down side support 11311-11280 break down these level, more selling pressure cannot be ruled out.  Higher level be cautious. Use buy on dips and sell on rally on intraday basis only Bank Nifty Future As RBI policy always made a high volatility and yesterday it was did.  After made a high 27820 finally it was made a low 27478 and managed to closed above 27500 . On the other side RBI increased Repo rate by 0.25 basis resulted over all  selling in market.     As per data indicate that over all open intrest stood 21.55 lacs shares in August series and yesterday almost reduced  11.64 lacs i.e. 2.74 lacs shares due to profit booking and some short side. It resulted that, at higher level bulls are not comfortable.  So any trade only intra day with strategy buy on dip and sell on rallies.  Today resistance 27690-27700, if managed to hold these level up side open towards 27800-28000, on the lower side support exit 27500 , thereafter 27400-27250. Major support 27000-27165 till hold these level  bulls are interact. Today weekly expiry so high volatile. FO QUES Highest Put  - 11000-11200 Highest call seen at  11500-11400 Pur writing seen-   11000-11200 Call Writing seen at  11400-11500 Long Side:    KPIT-Marico, NIIT Tech, Coal India, Bata, IDBI Short side :     Excide, Tata Global, Apollo Tyre, Castrole, Reliance Finra, Hindalco (More selling pressure likely) Short Covering  : ACC – Berger Paint, Hexaware, Dr Readdy Lab, Kotak Bank, OBC (Fresh short avoid these counter) Long Unwinding   :    RBL Banks, Equitius, Apollo Hospital. Heavy Short build up in these counter Apollo Hospital  1700-Excide  1405-Tata Globa 1159, Reliance Infra 2361 contracts.