17 June 2014


Yesterday’s SSLT Call Rocks...!!!!!! Achieved all the targets
DLF 225 Call given @ 4.30 made a high 5.35
"Buy Apollo tyre Future Above 202 Tgt 204.50/206.90 Sl 200.20"
On Tuesday Volatility was witnessed in the market.There is a moderate chance of a recovery happening in today’s session. After a lackluster first half, Indian stocks rallied in second half of the day's trading session as crude oil prices futures eased in volatile trade and as Reserve Bank of India Governor Raghuram Rajan's comments that India is currently better prepared to deal with any shocks on the external front compared to last year triggered recovery in rupee against the dollar. Gains in Asian and European stocks also aided the rally on the domestic bourses. Today Market opened at 7543 made a high of 7665 and low of 7533 and closed at 7657, total 132 points was moved by nifty future. The small hammer line at the bottom after a 5 day fall from the top does suggest a probable recovery. However, in order for this recovery to take shape the Nifty needs to get past the first critical hurdle between 7570 and 7610. Once this range is taken out the next resistance would be at 7640. Next strong supply zone if at all reached would be seen between 7680 and 7700. On the other hand, if yesterday’s low of 7513 gets broken then it can slide to anywhere between 7510 and 7445.
Today bank nifty also witnessed high volatility due to renewed buying. Similar hammer line pattern also seen in the bank nifty. It started at 14942 made a high of 15474 and low of 14942 and closed at 15444, total 532 points was moved by bank nifty. Though this suggests some recovery but the overall picture tells us that at higher levels the threat of selling still remains. If such a scenario were to pan out then initially the levels between 14950 through 14800 may act as a support but it could well give in to selling pressure and we might see anywhere between 14650 and 14600 might just come to pass. Our take on the Bank Nifty is to sell on rallies unless 15150 is decisively taken out
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RESISTANCE: 7650, 7675, 7700

SUPPORT:  7625, 7600, 7575

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