As we have written in this column Nifty will face resistance 9709 successfully hold it will move further and major break through, but unable to cross and started down ward journey and intra day almost loss more than 100 points in future and closed with negative bias. On Thursday trade, over all profit booking, long unwinding and some counter fresh short saw. Overall trend is bullish but any fresh and confirm up trend only above 9710 on closing basis till then do not try to big exposure in market.
Nifty : Now we may consider decent support 9580-9550 once break these level, over all selling can not be ruled out, higher level resistance continue around 9700 9710 range.
Bank Nifty : Holding above 23500 strong bull favour and almost made a high 23890 . Trend is strong bullish and intra day decline to long side with tight stop loss.
PSU Bank INDEX : Consider support 3450-3500 and continue holding, but at current level fresh selling is not visible and likely SBI will lead the rally in coming days in PSU Banks.
PHARMA INDEX : Over all mixed trend continue with consider support range 9300 to 9350 range, stock specify movement continue likely short covering in Sun Pharma and fresh buying in AurPharma and fresh short in Dr. Readdy Lab.
SOME IMPORTANT POINTS TO BE WATCH OUT
Advise to traders, be careful any long and side and over all data found that these are making in short time period say 1 or 2 days so any trade should be cautious in either side with strict stop loss.
Long side :
SBI , Balkrishna Ind and Tata Power –
Long exit :
ARVIND MILLS, CENTURY TEXTILE, HDIL, SOUGHT BANK BANK OF INDIA DCB INFOSYS DHFL. Heavy long unwinding seen in number of stocks.
Short covering :
RELIANCE INFRA, SAIL YES BANK M&M, SBI AND SUNPHARMA
Short build up :
PETRONET, DLF, HINDALCO, LUPIN, TATA MOTOR AND MANY MORE
Our Recommendation :
Short call in Lupin, Hindalco, Tata Steel, VEDL and Century Textile.
OPEN INTEREST SPURT : NO. OF CONTRACTCS
YES BANK 3514
SUN PHARMA 3864
OPTION ANALYSIS :
Highest call hold 9700 followed by 9800
Highest Put hold 9500 and 9600
ALL BANK, BANK OF INDIA, BEML, DLF, HDIL, IBREAL, IFCI, INFIBEAM JP ASSOCIATE, KSCL, ORIENT BANK RCOM AND WOCKPHARMA
FIIS ACTIVITY ON 22nd JUNE 2017
Index Future +98.65
Index Options + 593.66
Stock Futures – 100.76
Stock Options + 45.06
Net FO Positions +626.61
For Subscription Call