BUY DCB BANK FUTURE ABOVE 172 TGT 173.90/176 SL 169.50
BUY DLF 190 PUT @ 4 TGT 5.5/7.9
Bulls are on back foot, Bears continued to rule. It was a double whammy for the market on Tuesday as a weak rupee along with higher crude oil prices dragged the market further. The Nifty managed to give up 11,550-mark, while the Sensex shed 38200-mark as well. Nifty future has started on bearish note and gradually declined as the session progressed & finally closed at 11580 down by 60 points. Nifty future has started from 11633 made a high of 11649 and low of 11550, total 99 points moved in intraday. Investors were likely to have been worried about macro effect of higher crude oil prices, even as Brent crude touched USD 79 per barrel. Any up move on oil prices adversely impacts domestic macros, particularly in case of India. The nation imports a huge quantity of its oil requirements. Hence, this bullishness could hurt India’s finances as more money would have had to be spent by the exchequer to buy this oil. Further adding to the problems for India were a depreciation in the Indian rupee. It fell below the psychological mark of 71.50 and plunged to a record low of 71.5363.
Some more choppiness could be witnessed in the upcoming session. The recent swing low of 11550 levels could help bears to rule. Now 11500 levels has become an impotent level for nifty future. Only above 11650 levels could help bulls to comeback in the ground. Traders should trade with proper strategy in such scenario. It looks prudent for traders to avoid short-term bets and focus on any breach of larger trend, which may chalk out the future course of action for the indices. The 11500 level still looks like a sacrosanct support, a breach of which shall take the Nifty future below the 11450 level. A decisive close above the 11650 level should usher in a sustainable uptrend.
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BUY DLF 190 PUT @ 4 TGT 5.5/7.9
Bulls are on back foot, Bears continued to rule. It was a double whammy for the market on Tuesday as a weak rupee along with higher crude oil prices dragged the market further. The Nifty managed to give up 11,550-mark, while the Sensex shed 38200-mark as well. Nifty future has started on bearish note and gradually declined as the session progressed & finally closed at 11580 down by 60 points. Nifty future has started from 11633 made a high of 11649 and low of 11550, total 99 points moved in intraday. Investors were likely to have been worried about macro effect of higher crude oil prices, even as Brent crude touched USD 79 per barrel. Any up move on oil prices adversely impacts domestic macros, particularly in case of India. The nation imports a huge quantity of its oil requirements. Hence, this bullishness could hurt India’s finances as more money would have had to be spent by the exchequer to buy this oil. Further adding to the problems for India were a depreciation in the Indian rupee. It fell below the psychological mark of 71.50 and plunged to a record low of 71.5363.
Some more choppiness could be witnessed in the upcoming session. The recent swing low of 11550 levels could help bears to rule. Now 11500 levels has become an impotent level for nifty future. Only above 11650 levels could help bulls to comeback in the ground. Traders should trade with proper strategy in such scenario. It looks prudent for traders to avoid short-term bets and focus on any breach of larger trend, which may chalk out the future course of action for the indices. The 11500 level still looks like a sacrosanct support, a breach of which shall take the Nifty future below the 11450 level. A decisive close above the 11650 level should usher in a sustainable uptrend.
More about intraday tips on Google +
Resistance: 11650, 11700, 11750
Support: 11525, 11500, 11450
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