*meta content='BLOG DESCRIPTION HERE' name='description'/** *meta content='vinay tamta,VINAY TAMTA' name='keywords'/** *meta content='BLOG AUTHOR NAME HERE' name='author'/** 3M TEAM RESEARCH PVT. LTD.: Market outlook for 16th JUNE 2017

Friday, June 16, 2017

Market outlook for 16th JUNE 2017

Market are continue in profit booking before the fed rate meeting and closed below 9600 which indicate short term profit booking in the market.  However,  we can not see major down side  and likely reversal from the level of 9500.
Nifty  :   Now we may consider decent support 9560  below towards 9520 9500, resistance around 9600=9620.
Bank Nifty  :   Finally break down support level and trading below 23500,   now consider support 23300 and 23251.
PSU Bank INDEX  :   Consider support 3450-3500 range and still holding.  Closed below 3400   panic situation can not be  ruled out.
PHARMA INDEX   :     As we are continue written in this column do not short sell and above 9300 strong bull hand and almost added 400 points.      Remain long side, do not think any short side.
SOME IMPORTANT POINTS TO BE WATCH OUT 
Long side  :     
DLF   JETAIRWAYS
Long exit :
KOTAK BANK, HDFC, TITAN AND BANK OF INDIA
Short covering :
INDIGO   HDIL, UJJAIVAN AND INDIAN BANK
Short build up :
BIOCON   EQUITIUS APOLLO HOSPITAL, PNB, GAIL, ALL BANK
 RBL BANK AND MANY MORE.

OPEN INTEREST SPURT  : NO. OF CONTRACTS
DLF                             1791
AUR PHARMA 2981
RBL BANK                   1280
PNB                             1166
DHFL                           914
YES     BANK               1495
LUPIN                          - 362
ICICI  BANK                1124
HDFC                          - 422
HPCL                           - 993
BPCL                           - 782

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