10 August 2017

NIFTY LEVELS & FREE NIFTY FUTURE TIPS FOR 11 AUG 2017

BUY 1 LOT NIFTY 10,000 CALL @ 55 TGT 77/99
BUY 1 LOT SBIN 280 PUT @ 2.9 TGT 4.9/6.7 
It was a sea of red in markets on Thursday. The  markets on Thursday logged their biggest drop in 1 month. On Thursday, the markets took a major hit as both the key indices Sensex and Nifty lost around 0.70% when the market closed for the day. The Sensex lost 238 points to close at 32237. The Nifty future dropped for the fourth session in a row on Thursday to close a tad above the 9900 level. Nifty future came down 48 points to close at 9878. It has opened below the 9900 support zone at 9895 made a high of 9919 & came down to 9803. The markets have been volatile since the announcement of cuts in key interest rates by the Reserve Bank of India, earlier this month. The investors had already factored in the tweak in interest rates and were disappointed as the central bank maintained its neutral stance. Investors came in for yet another blow when the market regulator Sebi issued directive to market to stall trading of 331 shell companies. Coupled with weak global cues and volatility ahead of inflation numbers, which are due on Friday, negative sentiments have gripped the Indian stock markets.
The Nifty future started forming lower tops and lower bottoms, while it may have also formed a ‘Head & Shoulder’ pattern on the daily charts. This signals more correction ahead, probably towards the 9800 level in the near term. The index registered consecutive firm close below its neckline. The pattern indicates a target up to 9750 for nifty futures. A follow-through move below 9825 could amplify the bearish momentum. As we expect the seasonality effect to be sip in during the current series, participants are advised to book profit where possible and wait for this corrective wave to pass. This corrective move is likely to extend towards the 9750 -9700. zone. Traders are advised to cut their leveraged bets and avoid long exposure. The momentum will strengthen once Nifty futures moves above 10000 levels with a strong volume.
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Resistance: 9920, 9960, 10010
Support: 9850, 9800, 9750

7 comments:

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