"BUY DLF 165 PUT@2.70 TGT 3.85/4.20 SL 1.4"
"BUY HINDUNILVR FUTURE ABOVE 932.40 TGT 934.90/938.85 SL 925.50"
The market gave a muted reaction to
Urjit Patel’s appointment as the new RBI Governor, with both indices slipped
into negative territory. Reserve Bank of India deputy governor Urjit
Patel as new RBI governor. Patel is known for his hawkish view on inflation
just like Raghuram Rajan whose term as the RBI governor ends on 4 September
2016. Patel will take charge as RBI governor for a 3 year term from 4 September
2016. The Sensex ended with a loss of 91 points at 27956. The Sensex opened at
28088 touched an intra-day high of 28143 and low of 27918. The Nifty closed
with a loss of 38 points at 8629. The Nifty opened at 8667 hitting a high of
8685 and low of 8614.
Bias is still positive but since we're closer to the F&O
expiry of August series, traders should maintain cautious approach especially
in index trades. For tomorrow nifty now tests key resistance at 8650. A strong
rally beyond this level and the next key resistance at 8700 will strengthen the
bullish momentum. In that case, the contract can rally to the 8730 and 8750
band. But the inability to move beyond 8620 will keep the index under selling
pressure. A decisive fall below 8600 can pull the contract down to 8580 and
then to 8550 levels. The next key supports are at 8530 and 8500 levels.
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Supports: 8600 and 8550
Resistances: 8670 and 8750
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