Market out look 18th Sept. 2017
Short Covering + Fresh Long
If Nifty sustained Above 10140
Market out Look : Market are continue in bull trend and almost last three sessions continue facing resistance at all time high and intra day reversal seen. As long as nifty trading below volatility continue in market, on the other hand if trade above 10140 on sustainable basis, over all buying opportunity and short covering can not be ruled out. Stock specify movement in the market is a best strategy.
Nifty : Consider support 10043 – 10000 mark holding above chances of again test new all time higher, thereafter fresh wave of up side. Above 10140 non stop target 10200 and above.
Nifty future : Overall trading range continue which is moving around 10000 to 10150 and break down this level we move one side. Major weekly support 9700.
Bank Nifty Future : Trend is positive bias continue as long as hold 24700-24750 mark…. Crossover and sustained above 25000 more buying and short covering likely in all banking stocks. Small PSU bank looking good. Major weekly support 23800 .
Metal Index : Short term and long term trend is positive with consider support 3600 mark.
Pharam Index : After sharp rise of more than 600 points some pause seen, however remain above 8000 mark decent opportunity to long side in front line pharma stocks.
PSU Bank Index : Decent support around 3200 till not break decisively do not think any major weakness in PSU banks stocks.
OPEN INTEREST ANALYSIS :
Long side : Andhra Bank, All Bank, Bajaj Auto, Tech Mahindra, HCL Tech and many more.
Short Side : Nalco, LIC Housing, Berger paints,
OI SPURT Grasim long side 13.60 lacs,. Divis Lab long side 7.40 lacs, Bajaj Auto long side 9 lacs, Tata Motor 11 lacs long side, SBI short side 27 lacs, Reliance long side 2034 Yes bank short covering 255, HDFC 447 short covering, Sun Pharma, short covering 1981, DHFL long side 731, Axis Bank short covering 1330, ONGC short covering 53 lacs,.
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