|Daily Market trend dated 9th July 2018
Bullish Candle but upper side Threats Continue.
Trade War China and USA continue
On last week market continue in trading range which is almost 150 points and some were up side and down side but higher level market threats continue and number of times slipped near to 10800 mark. We have seen almost 150 points trading range for the last 25 sessions and likely to be it will take some more time thereafter it will breakout in either side for another 200 to 250 points in sharp side. However, in next week, first quarter of result going to start which will give good momentum in market. Tariffs war between USA and China likely to to affect global markets. The FIIs continued to remain sellers in the cash segment were seen hedging their portfolio by remains buyers in the derivatives market. On the other INR trading near to 69 is a cause of concern of our market.
Nifty Spot :
Market are continue in trading range more than 20 trading sessions, However, trading above 50, 100 200 DMA of long term moving average indicate bullish view and short it will break out their trading range of upside. However, lack of follow support by bulls, failed hold at higher level and slipped. Consider support near 10700-10710 range and intraday any dip to buy side, higher level resistance nearly 10800-10810 10830 and at that level selling opportunity with tight stop loss.
|Last week Trend
Bank Nifty Future :
Bank Nifty continues in trading range but hold above 26400 level are positive bias continue. We may consider support nearly 26300-26350 and resistance 26500 trade and sustained above up side open towards 26700 26750. Buy dip is good strategy.
|Last week Trend
|Bank Nifty Future
FO Ques :
Highest Put at 10600-10700
Highest call seen at 10800-11000
Pur writing seen at 10700-10800
Call Writing seen at – 10800-110600
Long Side: Bajaj Auto, M&M, HCL Tech, Tata Motor, Hero Motor Berger Pains
Short side : Apollo Tyres, NIIT Tech, Tech Mahindra, Titan.
Short Covering : Apollo Tyre
Long Unwinding : Cola India, DHFL
Pharma Index :
Some profit booking seen on Friday at higher level. Short term major resistance and triple top formation which is placed around 9450-9460 range and successfully crossover looks major upside which will move towards 10000 mark, on the lower side support continue 9000-9100 range whereas a decent buying opportunity.
PSU Bank Index :
On Friday at lower level some support seen. Over all decent support nearly 2690-2700 range and upper side resistance 2800-2860 range
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