24 March 2015

NIFTY OUTLOOK FOR WEDNESDAY 25 MARCH 2015

BANK NIFTY 18500 PUT ALMOST ACHIEVED FINAL TGT..!!!!  CALL GIVEN ON 19 MARCH 
"BUY DLF FUTURE ABOVE 160 TGT 163.80/166.40 SL 157"
"SELL SBIN FUTURE BELOW 272 TGT 268/266 SL 274.80" 
It was another consolidation day for the market on Tuesday with the Nifty gyrating in a 100-point band but it finally ended flat. Banks continued to see selling pressure. Today Nifty opened flat on. Nifty closed below the 8550, down 8  points at 8542, after trading between 8627 and 8535. 
The consolidation will be continued for upcoming two trading session due to the March, 2015 expiry. What this essentially means is that we ought to fend for ourselves on a day when the derivative settlement is just a couple of days away. While the short term downtrend is alive and kicking its momentum is somewhat diminished; it is but quite natural, coming very close to the major support area between 8530 and 8470, you should not be surprised to see the bearish momentum flagging off a bit especially when the settlement for derivatives is knocking at the door. Thus, it is not quite unreasonable to expect some bit of short covering happening in today’s session especially in stocks where we saw hammering has been happening for quite some time like some of the metal counters. However, we also need to keep this in mind that a large scale fresh call option writing for the 8600-strike for the current series for a closing premium of just around 30 points shows that market participants do not expect any huge short covering happening.
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RESISTANCE: 8600, 8650, 8700

SUPPORT:  8550, 8500, 8450

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