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23-Apr-18
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Market out look dated   23RD  April  2018

Nifty trading range 10490 to 10600-10632  

Swing Trading – Buy – Sell – Hold

 

  Market out Look   :          Last week market trade in narrow range and it was made a low  10394 and made a high 10594  and almost 200 points and point out that lower level strong buying forces in market and higher level selling opportunity.  However, on Friday smart buying seen at lower level and next week market likely full bull grip and fresh break out likely.  Last week, IT stocks outperform and TCS join a 6 lacs crore club due to excellent result.   Over all trend is bullish  with consider support 10400  and once crossover resistance zone, smart buying and fresh short covering likely.   On the other side, HDFC Bank delivered a better than excellent result, so all banking stocks in a good note opening. 

Nifty   :              Nifty  continue in positive side and almost on weekly basis closed with the highest level.  On the other hand on weekly chart higher high and higher low formation made resulted more up side in coming days.  Now we may consider support 10400-10410  and crossover today 10600, first target 10632, thereafter big short covering likely which will go towards 10705.   Buy on decline or panic, short is not a good Idea.

On option front Highest  call stood at 10700 and 10600 call. Call from 10500 to shifted at higher level and bulls in upper hand. On the put side highest put stood at 10500 and 10400 which indicate bears group  consider support 10500-10400 in this series and do not think market will go down below that level.        

 Intra Day Scaneario :     Trend bullish, support   10550

Weekly Scaneario :    Best : 10705 – Worst case : 10400.

3month Scaneario :  Best Case – 10600-11000 Worst case 9145.

 

Bank Nifty Future  :                On Friday major break down seen in Bank Nifty and finally break down support level but bounce back from lower level but closed with a loss of 150 points.  On the other side , major short seen in Private Sector Banks like, Axis Bank, Yes Bank, and ICICI Banks and with added substantial open interest.  On the flip side some PSU bank also participated to drag down in Bank Nifty which is Can Bank,  Bank of India, Union Bank, OBC, SBI and some short covering seen in BOB.   On the positive side, HDFC Bank closed with a green note with decent break out and added open interest and finally delivered a excellent result and likely on Monday this will be a supreme of Banking stocks on Monday trading  and likely some short covering we will see in banking stocks.   So time being we may consider Friday low is support and till not break up side towards 25250-25500-25750.

Intra Day Scaneario :     Trend bullish, support   24950

Weekly Scaneario :    Best : 25700 – Worst case :  24800

3month Scaneario :  Best Case – 25750  Worst case 24500  

 

Some FO Ques   : 

 Long Side   :      Mind Tree  Bata India, SRF, Apollo Tyres, Infosys, TCS

Short  Side  :   Can Bank, Yes Bank, Bank of India, PNB, Biocom.

 

Results on 23rd April  :  Bharat Finance, LIC Housing, Reliance Infra, Infra Tel, GNFC, Delta Corporation

 

 

 

 

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