Market Trend :
Total 680 Points volatile onIntra day –
Some Pull Back Rally…….
Yesterday Low of Nifty + Bank Nifty – Good Support – Fresh wave of sell below only
Crossover Yesterday high – Buy side – Only for Intra Day
BUY LT For Buy Back (1475)
Nifty Crash 1496 points (from 11760 to 10294 – Earlier down 1220) points
Maximum correction likely 15% from High 11760 which is 9996 (50 points in either side )
Major Support – Nifty 9900-9952 – Bank Nifty 23605-23800
Last bull market support of Nifty 9800 – thereafter towards 8000 +
Market Out Look :
On Monday heavy roller casting seen in market but finally last hrs of trading strong movement seen and finally closed with a positive bias and from the day’s low substantial gained. Overall trend is down but short term market are over sold region and some pull back and likely continue towards 10500-10550. Be cautious at higher level.
Nifty Spot : 10348
Strong recovery from lower level and almost gained more than 180 points. Short term we can consider support 10200-10150, upper side resistance 10400, stay above only positive bias. TREND REVERSAL LEVEL 10538 .Trend is Down – Loss 5.6% last week – Major support of bull market 9800 + (thereafter start bear market) Earlier swing low 6825—7893-10200.
Nifty Future : 10379
NIFTY 50 FUTURE – strong recovery seen from lower level and made a high 10418. Today support range 10300-10320, upper side resistance 10420, once stay above over all buying likely continue
Bank Nifty Spot : 24618
Short term support have been established with consider support 24200-24300, upper side resistance 24750, once stay above up side target 25000-25250-25500. Once break 24000 free fall on card. Weekly and monthly support 23600 and likely test in coming days
CNX PSU BANKS : 2704
Last week it was made a bottom 2634 and Monday taking support and finally closed at 2704. Over all trend is bearish and rise to sell side.
CNX IT : 15305
After made a all time high some selling pressure seen and likely continue in near term. Best opporrunity to sell side . No buy .
CNX Pharma : 9506
After made a high heavy profit booking seen and finally break down 10000 mark and over all selling seen. However, it has still holding 200 DMA which is a positive sign and any sharp dip to buy side of front line stocks.
CNX Metal : 3339
After sharp decline, and almost break down support level 3396 and finally made a low 3235 and closed with a negative bias. Over all trend is bearish and sell side.
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