NIFTY OUTLOOK & FREE NIFTY TIPS FOR 30 AUG 2017

"BUY RELIANCE 1540 PUT @ 14 TGT 18.4/22.50 "

"BUY BANKNIFTY FUTURE ABOVE 24130 TGT 24180/24240 SL 24070"

Bulls were brought back to earth with a thud due to selling pressure by investors rattled by North Korea’s launch of a missile over Japan. The August month expiry in the derivatives segment on Thursday also hit sentiment. The Sensex closed down 362 points at 31388, while the Nifty ended below 9800, down 124 points at 9879.

We cannot rule out volatility in the coming days as we approach the expiry of the Aug derivative series. The 9925 and 9955 levels might act as immediate resistance for the nifty future while supports should come in at 9775 and 9750 levels. The market may remain volatile due to rollovers in coming days but we strictly recommend not to initiate any major short positions. On the long side, only modest positions may be taken until we see through the expiry. Overall, a cautiously positive approach is advised for the day.

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Resistance: 9925, 9955, 9975

Support: 9775, 9755, 9725