|Market out look dated 2nd April 2018
Trading Range in Nifty 10100 to 10230
Bank Nifty – 24000 to 24500
Market out Look : Market are continue in choppy and as a financial year some profit booking seen at higher level. However, at current level, bulls and bears fight continue and bulls do not want to give up whereas bears are trying to full force to market come down, but almost 1200 points down from the high, at current level, no one want to more sell side. As we can say that time being market are consolidation range and waiting for break out in either side, however, time being down side is very limited and almost short term bottom have been established around 9950-10000 range which likely hold in the month of April as always April is good for bulls but May month is bear favour and say tat sell and go. On the flip side, in April series short rollover seen which may indicate weakness likely to continue. In Nifty short rollover seen in April series. Among sectors, IT, Media and FMCG saw more of long positions being rolled over whereas PSU Banks and cement witnessed more of short position in April series Overall market likely to remain subdues in first half of the April series, the latter half will be directed by earning and global ques.
Options data for the Nifty April suggested that maximum positions are concentrate in the put side is 10000 and 9800, whereas the 10500 strike of call maximum positions among Nifty.
Nifty : After sharp down side, Nifty are taking support at lower level which is placed around 9950-10000 range and number of stocks are trading near to 200 DMA which is likely a support area at near term. On the higher side resistance observed 10230-10276 which is a major supply zone and successfully crossover will move further due to short covering.
Bank Nifty : After sharp sell off smart pull back seen from the lower level but major challenge of Bank Nifty is 24500 whereas a major supply seen in the month of March series. However, chances of down side is very limited with consider support around 24000-24100 range , whereas resistance 24500, once successfully crossover with decent volume, sharp move towards 24750-25000-25200 likely in near term. So as long as holding 23800, an dip to buy side is a best strategy time being.
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