"BUY TATAGLOBAL
275 CALL @ 5.5 TGT 6.5/7.5"
Bears
continued to grip the markets…!!!!The market cracked heavily after MPC
expectedly eased policy rates, albeit by 35 bps, justifying that a 25bps cut
would have been inadequate while a 50bps would have been more-than-needed
currently. The Sensex came down 286
points to close at 36690 & Nifty came below 10850 Mark made a low of 10835
& closed at 10855.
Some more choppiness could be witnessed in the
upcoming session. The recent swing low of 10835 levels could help bears to
rule. Now 10900 levels has become an impotent level for nifty. Only above 10900
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 10800 level still looks like a sacrosanct support, a breach of which shall
take the Nifty future below the 10750 level. A decisive close above the 11000
level should usher in a sustainable uptrend.
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Resistance: 10900, 11000, 11100
Support: 10800, 10700, 10600
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