Daily Morning News Letter – 11 th OCT 2018 EQUITY – FO –CASH-OPTION MARKET

Market Trend   :

   Bullish Candle in Nifty and Bank Nifty

    Nifty Support 10200  -  Bank Nifty  24500   - as long as hold Bullish View  (Panic up to  Decent buying opporrunity)

     Strong Dip to Buy side  -  Any Gap down opening do not jup to short position.

      Strategy   : Any Buy or Sell   - Wait first 15 minutes   - Buy 15 minutes high and stop loss 15 minutes Low .

       Option Writing Support 10000   - Resistance 11000

     

  Nifty Crash 1496 points (from 11760 to 10294 – Earlier down 1220) points

 Maximum correction likely 15% from High 11760 which is 9996  (50 points in either side )

Major Support -  Nifty  9900-9952   -  Bank Nifty   23605

Market Out Look :

After three weeks fall, market finally taken support at lower level and across the board broad based buying seen like, Banking, Auto, FMCG, Metal, Pharma Reality and only IT sector legards due to profit booking ande strength of rupee.  Over all looks that short term bottom have been established  in market and last week low  10200 are a good support and hold these level up side gate open towards 10500-10750 in coming days.  On the positive side,   heavy long seen in Nifty and Bank Nifty of Out of the Money call and short covering seen in In the Money call.

Nifty Spot  :  10460

Overall strong bullish candle and almost added 150 points above and finally closed with a good note. Short term support 10200-10250 have been established and as long as holding above up side towards 10500-10550. Today support 10400  + good opportunity to buying side.   On FO side, almost 10300 to 11000 strike price short covering seen, whereas in put side, lower side short  covering seen which over all indicate any dip to buy side and market are ready to big move in coming days.

 TREND REVERSAL LEVEL 10538 .Trend is Down – Loss 5.6% last week – Major support of bull market 9800 + (thereafter start bear market)  Earlier swing low  6825—7893-10200.

Nifty Future  :  10466

 NIFTY 50  FUTURE –  strong above and almost 170 points added and whole the day was positive side seen across the board.   Now today consider support 10400-10405  and holding basis up side target 10530-10600 likely.

Bank Nifty Spot  :  25322

On Wednesday strong come back seen and from the low more than 700 points added and overall buying seen in Pvt Sector Bank and PSU Bank.  Consider major support 25000  + and resistance 25500, stay above major break through in Bank Nifty towards 26000   +.   Weekly and monthly support 23600 and likely test in coming days.   

CNX PSU BANKS     : 2819

Strong come back and almost gained  more than 140 points from a low.  Now consider support 2770-2750, upper side resistance 2860  and stay above strong buying towards 2900-2950 likely.  

CNX IT    :     15143

After made a all time high some selling pressure seen and likely continue in near term.   Now consider resistance 15700 and remain below down side target 14700 + in coming days

CNX Pharma  : 9771

After made a high heavy profit booking seen and finally break down 10000 mark and over all selling seen.  However, it has still holding 200 DMA which is a positive sign and any sharp dip to buy side.  Consider resistance 9850  and stay above towards 10150 in short term.

CNX Metal  :  3440

Over all time for consolidation with consider resistance  3500-3540  and stay above think positive bias but lower level good opportunity to buy side.

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