24 April 2018


BUY RBI BANK FUTURE ABOVE 514 TGT 516.50/519.80 SL 511
SELL NCC FUTURE BELOW 128 TGT 125.40/122.20 SL 131.50
Bulls came in action & took the nifty above 10600 mark. The Sensex jumped 165 points up to close at 34616 on Tuesday, while the Nifty future ended 35 points higher at 10621. The market sentiments were boosted by financials, energy and pharma stocks. Gains were capped by a fall in metal stocks that slipped on the back of a fall in aluminum prices on the London Metal Exchange (LME). Reliance Industries (RIL) gained nearly 4% in trade to end at Rs 970 levels. Hindalco plunged as much as 9.3%, its biggest intraday percentage loss since early November 2016. Vedanta fell as much as 5.5% in intraday to end 2.4% lower, while National aluminium was down 7%.  Nifty future has opened at 10582 made a high of 10635 and low of 10568.
Overall market view is positive but as it is the F&O expiry week of april  series, traders should maintain cautious approach especially in index trades. For tomorrow nifty now tests key resistance at 10650. A strong rally beyond this level and the next key resistance at 10675 will strengthen the bullish momentum. In that case, the contract can rally to the 10700 and 10750 band. But the inability to move beyond 10600 will keep the index under selling pressure. A decisive fall below 10575 can pull the contract down to 10550 and then to 10520 levels. The next key supports are at 10500 and 10450 levels.
More about on Google +
Supports: 10550 and 10500
Resistances: 10675 and 10725

1 comment:

  1. Nice write-up. Thanks for the information you have provided to us. This will surely help the traders.

    Nifty Market Tips