Tuesday, October 9, 2018

Daily Morning News Letter – 9th OCT 2018 EQUITY – FO –CASH-OPTION MARKET

Market Trend   :
Total 680 Points volatile onIntra day -
Some Pull Back Rally…….
Yesterday Low of Nifty + Bank Nifty – Good Support – Fresh wave of sell below only
 Crossover Yesterday high – Buy side – Only for Intra Day

BUY LT For Buy Back (1475)

  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   23605-23800
Last bull market support of Nifty 9800  - thereafter towards 8000   +

Market Out Look :
On Monday heavy roller casting seen in market but finally last hrs of trading strong movement seen and finally closed with a positive bias and from the day’s low substantial gained. Overall trend is down but short term market are over sold region and some pull back and likely continue towards 10500-10550.   Be cautious at higher level.

Nifty Spot  :  10348
Strong recovery from lower level and almost gained more than 180 points.  Short term we can consider support 10200-10150,   upper side resistance  10400, stay above only positive bias. 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  :  10379
 NIFTY 50  FUTURE –  strong recovery seen from lower level and made a high 10418.  Today support range 10300-10320, upper side resistance 10420, once stay above over all buying likely continue

Bank Nifty Spot  :  24618
Short term support have been established with consider support 24200-24300, upper side resistance 24750, once stay above up side target 25000-25250-25500.  Once break 24000 free fall on card. Weekly and monthly support 23600 and likely test in coming days

CNX PSU BANKS     : 2704
Last week it was made a bottom 2634 and Monday taking support and finally closed at 2704.  Over all trend is bearish and rise to sell side.

CNX IT    :     15305

After made a all time high some selling pressure seen and likely continue in near term.   Best opporrunity to sell side .  No buy .

CNX Pharma  : 9506
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 of front line stocks.

CNX Metal  :  3339
After sharp decline, and almost break down support level 3396 and finally made a low 3235 and closed with a negative bias.  Over all trend is bearish and sell side.   


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