1 February 2016


“BUY BANKNIFTY 14700 PUT @ 145 TGT 199/245”
Market Ends Lackluster Session on Negative Note Market started the new month on a tender note as investors turned cautious ahead of the Reserve Bank of India’s monetary policy review on Tuesday. Markets started the first day of the month of February on a positive note supported by strong global cues. Sensex ends 46 points down ahead of RBI monetary policy review, Nifty settles at 7556 banking stocks fall.  The Sensex and Nifty closed in red on Monday ahead of the Reserve Bank of India’s (RBI) monetary policy review scheduled for Tuesday. The sentiments remained under pressure after Standard & Poor’s Ratings Services stated that India will face challenges in sticking to the fiscal consolidation roadmap as the expected revenues may not be fully realised and subsidy cuts may be delayed. Sensex closed 45 points down at 24824, while Nifty settled 7 points down at 7555. Huge volatility was witnessed ahead of the RBI’s monetary policy review on Tuesday.The Sensex opened at 24982, touched an intra-day high of 25002 and low of 24789. It finally ended with a loss of 45 points at 24824. The Nifty opened at 7589 hitting a high of 7600 and low of 7541, before ending with a loss of mere eight points at 7556.
Volatile trading session we are expecting for tomorrow. The rally in our market could well get spoilt if it fails to cross 7550 through 7575 by Wednesday, the day-after- tomorrow. Even if the Nifty were to do so it still needs to take out 7535 – 7215 firmly with lots of volume activity and open interest build up in the index futures and options. As of now, if there were to be a sell-off then so long as 7450, as of now, is not getting broken--the corrective uptrend that began from the low of 7350 is likely to continue further while a failure to take 7650 would have the potential to halt the upward march by bringing in considerable supply pressure.
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Resistances: 7,600 , 7,650
Supports: 7,550, 7,500

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