|Market out look dated 16th
Market are Choppy and higher level cautious approach.
Market out Look : Market are continue in choppiness and higher level selling pressure continue and unable to surpass resistance level. Over all trading range 10300 to 10450, wait and watch these range and any trade should be after break out this range.
Nifty : Nifty finally face resistance 10440-10450 range and unable to surpass and heavy selling pressure resulted closed near to days low. We may consider, multiple resistance and supply zone in near term 10450-10500, till not cross and closed above with decent added open interest, any rise to sell side, down side support 10330-10300, thereafter down side open towards 10275- 10141 and 10000 mark. Sell on strength and buy on weakness is a strategy in market.
Bank Nifty : Bank Nifty continue facing resistance at higher level, as Thursday expiry day and some short covering seen at higher level 25000 but unable to surpass the same closed nearly 24800 mark. Over all consider major resistance 25000-25050, crossover and sustained above will move towards 25200 25500, on the lower side support nearly 24700-24500, break down these level, down side target 24300 24000 and more down side.
PSU Bank Index : Finding the PSU B ank stock charts looks highly over sold and RSI is trading below 10 which can be consider highest low in ever. So at the current level any short should be danger. However, there is no end of bad news of PSU banks. But at current level, we advised to all traders and investors if you are not comfortable to buy, please do not short at current level.
On a technical side, resistance 3000-3010 and support 2800-2850 range.
Open Interest Analysis :
Long Side : NIIT Tech, Jubilant Food, Asian paints, Bata, Divis Lab
Short Side : Reliance, LT, ICICI Bank, VEDL, ONGC and many more.
More details call