|Nifty Resistance 10562-10600
Below 10480 – sellilng pressure
Market out Look : Market open with good note and finally it was trading above 10562 and made a high 10594 but intra day major profit booking and broad based selling in market and made a low 10510 but some recovery at lower level closed around 10526 with a loss of 25 points. As trend is bullish but such types of volatility in market are continue with a good or bad news so any long should be protected with tight stop loss. Sell on rally and buy on dip strategy should be followed. PSU Banks stocks looks very weak and ready to free fall.
Nifty : Nifty are continue in positive bias but near to resistance level 10600 and reversal seen and made a low 10510. Now upper side supply zone 10562-10580-10600 range, trade and sustained above will move further but chances are very remote, down side support nearly 10480 and below panic towards 10450-10420 likely.
On option front Highest put stood at 10400 followed by 10500. On the call side Highest calls stood at 10700 followed by 10500.
Intra Day Scaneario : Trend bullish, support 10480-10420
Weekly Scaneario : Best : 10500–10640 – Worst case : 10350
3month Scaneario : Best Case – 10600-11000 Worst case 9145.
Bank Nifty Future : Bank Nifty are continue in trading zone and unable to cross their resistance 25400 and finally closed below 25200 which indicate bearish set up as unable to closed above 25200 mark. Now consider resistance 25200-25250 and support 25000, break down with volume, over all selling pressure in market. As a weekly expiry so high volatility likely continue.
Intra Day Scaneario : Trend bullish, support 25000
Weekly Scaneario : Best : 25600 – Worst case : 25000-24800
3month Scaneario : Best Case – 25750 Worst case 23605
Some FO Ques :
Long Side : Amar Raja Battery, Hindalco, Dabur, Pidlite Ind
Short Side : Bank of Baroda, Hero Motor, Apollo Hospital
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