31 July 2015


"BUY ICICIBANK 310 CALL @ 7 TG 11.4/16.5 SL 2.4"
The Sensex advanced 409 points to close at 28111 and Nifty rose 111 points to shut shop at 8532 on the back of broad-based buying. For most part of the day, the Sensex and Nifty traded on a firm note led by gains in banking stocks. The strong rollover position in the current month at 64 percent has been higher compared to 59 percent seen in the previous month. This shows that investors are taking fresh long positions on hopes of better economic prospects in the near term. Also, globally there haven't been any major negative developments that could trigger a downfall. We expect, the markets to see some more gains before turning range-bound with a negative bias going ahead. Nifty closed above the 8500-mark on the first day of August series, up 111 points to 8532.
On the way up, the immediate supply zone for the Nifty rests between 8525 and 8555 and the major supply zone is located between 8565 and 8585 for the day. On the way down, major support rests from 8480 and 8450.
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RESISTANCE: 8550, 8580, 8610
SUPPORT:  8520, 8490, 8460           

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