9 February 2016


"BUY HINDALCO 75 CALL @ 1.30 TGT 1.90/2.40 SL 0.60" 
"SELL NIFTY FUTURE BELOW 7320 TGT 7300/7280 SL 7355"

Our anticipation was on the dot: it did go up (not as much as we expected, though) and then it surrendered all the gains it showed in the first couple of days of this month. Extending its losing run for a second straight day, the Sensex slumped by 266 points to 24020 on sustained foreign fund outflows, while IT stocks fell after Cognizant lowered revenue guidance for the year. The Sensex after opening lower at 24076 continued to slide on selling in blue-chips, forcing the index to touch a low of 23919 before settling at 24020, showing a loss of 266 points. This was index’s weakest closing since January 21. The Nifty dipped below the psychological 7300-mark by tumbling 89 points to close at 7298.
Immediate support for the Nifty is at 7270. A break below this level can drag the contract lower to 7250 and 7225. Traders can wait for Nifty to bounce back and go short near 7255. Stop-loss can be kept at 7315 for the target of 7200. Fresh short positions got built up through new open interest addition save the two strike prices of 7200 and 7100. The bulls liquidated a lot of put options that got liquidated during the last session. The market looks awfully weak, and we are heading for sub-7240 levels of the Nifty.
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Resistances: 7330, 7365, 7400
Supports: 7295, 7260, 7225

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