|Daily Market trend dated 5th July 2018
Bullish Candle but upper side Threats Continue.
USA Market closed Today so no problem from Global Market
As everyone are expecting that market will come down heavily and all TV channels so called analyst are continue recommendation to sell Nifty and Bank Nifty but they turned down and they are recommending to buying and advising to positive bias in market. As we are number of times written in this column that, please do not follow so called analysis of channel because they have a vested interest and mass level they are confusing traders. If you follow closely what they are saying , so you may easily understand the same. So before taking into consideration of advise of these channels, please exercise at your end is always meaningful.
Now as we are bullish and expecting dip to buy side and finally after made a low 10677 it was come back and finallyclosed above 10750 mark and over all buying seen in market in front line stocks which islead by Reliance, HDFC Ltd and HDFC Bank and some pharma stocks, however, profit booking seen in IT Stocks. Over all we are still in trading range and best strategy to sell on strength and buy on weakness to get maximum points in your trade.
Nifty Spot :
After made a low 10677 decent bounce back seen and finally it was made a high 10777 and able to closed above 10750 mark. Time being we may consider support nearly 10699 whereas 50 SMA are placed, upside sustained above 10777, nifty ready to test 10800-10835-10850. Higher high and Higher low compared to previous day bullish sign. Intraday resistance 10805-10841 watch out.
Bank Nifty Future :
In early morning on Tuesday every TV channels anchor very bearish and recommending to sell side, but we are bullish and finally it has taken strong support and come back seen in market with addedalmost added substantial open interest due to fresh long and short covering. Now today consider support 26350-26360 range and buy side, higher level resistance observed 26500 and successfully crossover more up side andshort covering likely.
FO Ques :
Highest Put at 10600-10500
Highest call seen at 11000 and 10800
Pur writing seen at 10600-10800 and 10900
Call Writing seen at – 10800-10900
Long Side: Baja Auto, Apollo Hospital, Lupin, Godrej Consumer, Maruti, RBL Bank.
Short side : Shriram Transport, KPIT, LIC Housing, PC Jewellers, Ujjaivan
Short Covering : Bajaj Finserve, Sunpharma, Cadila Pharma
Long Unwinding : DHFL, Century Textile, Balrampur Chini
Pharma Index :
As mentioned in this to buy Pharma stocks on dip .Now consider major resistance nearly 9460 which is a double top formation on chart and once taken out sjuccessfully decent up move towards 9710 99000-10000 mark. Above 9460 on sustainable basis minimum gain of 500 points likely. Time buy – Sun Pharma, Auropharma, Lupin Lab, Dr. Readdy Lab and Wockhard Pharma
PSU Index :
Lower level decent support around 2690-2700 as long as hold some pull back can not be ruled out, once break down big sell off. SBI, any dip to buy side.
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