22 February 2016

NIFTY OUTLOOK & FREE NIFTY TIPS FOR TUESDAY 23 FEB 2016

PLAIN VANILA STRATEGY: HINDUNILVR 820 CALL ROCKSSSSSSSSSS TOTAL 27000 PROFIT IN JUST 2 LOTS
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OPTION TRADING TIPS
Extending gains for today, the Sensex ended 80 points higher, while Nifty settled above its key 7200-mark ahead of derivatives expiry on Thursday. Markets are trading range bound in noon deals with a gain of around quarter a percent. The Sensex ended with a gain of 80 points at 23789. The Sensex opened at 23783, touched an intra-day high of 23855 and low of 23675. The NSE Nifty closed with a gain of 25 points at 7236. The Nifty opened at 7209 hitting a high of 7252 and low of 7201. The forthcoming week until the Budget will be very critical in setting the tone of the market going forward. In case we see Parliament getting disrupted, markets may correct.
The Nifty 50 future is managing to sustain above 7200 levels, but is not gaining momentum to extend its up move sharply. The reversal from the intraday high of 7245 found support near 7211. The contract is bouncing higher once again from this low.
As long as it trades above 7200, there is no immediate danger for any sharp fall. Immediate resistance is at 7250. A strong break above it can take the contract higher to 7280 and 7300.
Traders with a short-term perspective can go long at current levels. Stop-loss can be kept at 7190 for the target of 7280.
Supports for the contract are at 7200 and 7180. The outlook will turn negative if the contract declines below 7180. The next target will be 7140.
STRATEGY: GO LONG WITH A STOP-LOSS AT 7175
SUPPORTS: 7180, 7150
RESISTANCES: 7250, 7280

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