Tatasteel call given in last post achieved first target and almost hit the second target.
Indian Stock
Market would open Negative. Technically, Indian Stock Market is still in
negative zone. Now, 7715 levels would be an important closing levels to watch
out for. Nifty if closes below 7715 levels then next target for Nifty would be
7678-7600 for Nifty and 16200 levels for BankNifty. Traders should continue
holding short positions and should initiate further short positions for every
positive rally in the market. Sensex
ended with a gain of 75 points at 25,305. The Sensex opened at 25,519 touched
an intra-day high of 25,340 and low of 25,181.
The Nifty closed with a gain of 28 points at 7,759. The Nifty opened at 7,738 hitting a high of 7,761
and low of 7,715. After registering losses for four straight sessions, markets closed positive in today’s trade
as investors accumulated quality stocks at valuable and attractive levels.
Strength in European equities further uplifted the mood at D- Street.
The Nifty futures contract started the session on a negative note and continued to trend lower. Immediate resistance is at 7,750 which can cap the upside. A test of 7,700 is possible.
The Nifty futures contract started the session on a negative note and continued to trend lower. Immediate resistance is at 7,750 which can cap the upside. A test of 7,700 is possible.
A strong break below 7700 this target can drag the index futures
lower to 7,680 and 7,650. Such a break will also keep the contract under
pressure for a fall to 7,600.If the index futures manages to reverse higher
from 7,700 once again and touches 7,750, the downside pressure can ease. The
contract can then trade within a range of 7,700 and 7,800.It is currently stuck
in a narrow range. Support is at 7,750 and resistance is at 7,800. A strong
breakout on either side of these levels will decide the next direction of move
for the contract. Traders can wait on the sidelines until the breakout gives a
clear trade signal.
A strong break below 7,700 will increase the downside
pressure and drag it to 7,650. Traders can go short on a break below 7,700 with
a stop-loss at 7,750 for the target of 7,650.
On the other hand, a decisive break above 7,775 will ease
the downside pressure and take the index futures higher to 7,835 and 7,850
thereafter.
Strategy: Go long on a break above
7,775 with a stop-loss at 7,730
Supports: 7715,7700,7675,7606
Resistances: 7816,7830,7865,7888
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