|Market out look dated 20th April 2018
Nifty trading range 10490 to 10600-10632
Market out Look : Market open with a good note but whole the day moving a very narrow range say 30-40 points and closed almost days high. Over all short term trend is bullish and we are expecting sonner or later, Nifty will cross this range, thereafter time to again long side. Till not cross trading range, sell on rallies and buy on dips strategy follow. Over all stocks specify movement in market continue and concentrate result stocks. Heavy buying seen in Metal sector due to short of all metals resulted big spurt and substantial open interest added in HIndalco, VEDL, SAIL, Tata Steel, Nalco along with major delivery buying also seen. On the flip side, due to strength of crude, big sell of seen in oil marketing companies like, BPCL, HPCL and IOC and almost closed below 85 week low. So strategy of this segment, any dip or decline to buy front line metal stocks and sell on rally in oil marketing companies and looks 2018 for a bad year of this sector. On the positive side, TCS delivered a good number along with dividend of Rs. 29 shares and 1: Bonus.
Nifty : Nifty continue in positive bias but near to resistance level 10600 and 10632, once crossover these range, major short covering and fresh buying in market result another 200 to 300 points even new high likely tested once again. Lower level support 10490-10500 and major support 10400 watch out. Buy on dips is a best strategy.
On option front Highest put stood at 110500 followed by 10400 and highest calls stood at 10700 and 10600 mark.
Intra Day Scaneario : Trend bullish, support 10500-10490
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 support area, however, Bank Nifty future broken support level 25250 and yesterday whole the day remain below that level. At the current movement, consider support 24950-25000, hold these level, up side resistance 25250-25300 and crossover get open towards 25500 25750 which is major hurdle of current rally which was started from the level of 23605 and likely around these level this rally will be hault.
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 : Hindalco, Trrent Pharma M&M Finance, Dabur, Tata steel, Arvind, Grasim, Nalco
Short Side : Indus Bank – BPCL, ACC,. Bharat Finance HPCL, Balrampur Chini, Axis Bank
Nalco :Long added 1.22 crore shares, BPCL – short side 38 lacs, HPCL, short side 23 lacs, Indus Bank – Short side 6 lac, IOC – short side 9.30 VEDL – short covering and fresh long. Axis Bank – short side 31 lacs, Tisco long side 7 lac, Handalco 58 lac shares, BOB – short covering 12 lac, ICICI Ban – short side 16.58 lacs
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