"BUY UPL @ 527 TGT 531/536 SL 521"Volatility was witnessed there in the market on the first day of expiry week. The market fell down due to heavy selling in power, metal, and infrastructure and PSU stocks amid weak global cues. There are multiple events including central bank meetings and F&O expiry scheduled for this week so market participants are a bit cautious ahead of those. Monthly derivatives contracts are due to expire on Thursday, traditionally marking a volatile period in markets. Traders also remained wary ahead of the beginning of the second part of Parliament’s Budget session today as concerns over passage of proposed Bills persisted and focus shifted to key Goods and Services Tax Bill. The Indian market started off the week on a weak note The Sensex ended with a loss of 159 points at 25679. The Sensex opened at 25891 touched an intra-day high of 25891 and low of 25586. The Nifty closed with a loss of 44 points at 7855. The Nifty opened at 7894 hitting a high of 7911 and low of 7827.
Today
the contract has failed to sustain above 7900 after opening at 7905 and making
a high of 7908.Today
nifty has broken below the important 7900-7880 support zone and fell sharply to
make an intraday low of 7827 & closed at 7855. Now, the closing level 7855
will work as an important level pivot level. A reversal from 7855 can drag the contract
lower to 7820. A strong break below 7820 can take the index futures further
lower to 7800 and 7770.
Short-term
traders with high-risk appetite can wait for a rise to go short at 7860.
Stop-loss can be kept at 7890 for the target of 7830.
Strategy: Wait for a rise and go short at 7860 with a stop-loss at 7,890
Supports: 7800, 7790
Resistances: 7880, 7900
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