|Market out look dated 9th April 2018
Bullish Break out in Nifty and Bank Nifty
Today open weakness to go Long side.
Market out Look : .On Friday market open with open some weakness but bulls come in market and almost closed a days high due to sustained buying in market. On the other hand, US Market was continue in negative bias and drift down due to trade war between China and USA. But Nifty was able to hold above the water which indicate short term bottom have been established likely. Any bad news we can consider good news for market and bulls not scared any bad news. Fine example of ICICI Bank too, in spite of all negative news flow, the stock has refused to go down. On the other hand earning season going to start and expectation of good mansoon and excellent collection in tax side buying likely continue. Now next up trend likely in PSU bank and liely PNB will out perform against all bad news and unable to go down below 90 level of some weeks. RBI has already given a life to PSU bank to extrneded of bond losses in four quarters which will immense benefit and post better quarterly number. We think that Trade war between China and USA will no impact in coming days and market are not taking serious note. On heavy weight HDFC, Major delivery based buying seen in last 5 trading sessions which is approximately 1.11 crore shars indicate strong hands again firm in market.
Nifty : On Friday big sell of seen in USA Market and almost S&P 500 down 57 points, Nasdaw 143 and Dow 572 down which indicate our market likely open on Monday with weakness but it will give decent opportunity to buy side of quality stocks. On the technical side, Nifty once again closing above 200 DMA looking bullish sign with consider decent support 10100-10200 range and hold these level on closing basis upper side open towards 10450-10500 and 10600 mark whereas major supply zone and 10600 will be further decide in market.
Bank Nifty Future : As mentioned earlier in this column 24000 was a decent support and holding these level upper side move 24500 thereafter major short covering in market and finally last week it was closed nearly 24900 mark. Further consider decent support 24500 and resistance 25000-25100 which is a major supply zone in near term and crossover successfully up side open towards 25750. PSU Banks looking good at lower level, whereas buying seen in pvt sector bank like, Kotak, Axis and HDFC Bank and major short covering seen in ICICI Bank.
Some FO Ques :
Long Call : Jubilant Food, Mind Tree, all Bank Havells,
Short Side – Apollo Hoslpital, TVS otor, Bajaj Auto.
Highest Call : 10500 and 11000
Highest Put : 10000 and 9800
More details call