Friday, October 18, 2019

OPTION CALL PUT TIPS & NIFTY OUTLOOK FOR 22 OCT 2019

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Continuing the bullish trade into the sixth straight session, Market ended with over 0.5% gains on Friday even as global peers tumbled after China's GDP growth slipped to a 27-year low of 6%. On a weekly basis, both Sensex and Nifty ended with 3% gains.  The markets recovered early losses to move higher after a mixed start on Friday, a day after indices hit three-week high rising for five straight sessions. The Sensex rose as much as 309 points to hit 39361 on the upside during the session, and the Nifty climbed to as high as 11684, up 98 points from the previous close.
The index formed a bullish candle on the daily scale and needs to hold above 11650 to extend gains towards 11700, and then 11800-12000 zone. Overall setup and momentum is positive and a hold of recent zones could extend rally, while support exists at 11500 and then 11450 levels. It has been making higher top and higher bottom formation and supports are gradually shifting higher with medium term support at 11400. 
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Resistance: 11700, 11800
Support: 11500, 11400

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