"BUY BANKNIFTY 25300 CALL 7 SEP @ 88 TGT 121/174 SL 44"
"BUY TATASTEEL FUTURE ABOVE 692 TGT 694.70/697.80 SL 688"
Market settled
with small gains after witnessing volatility in intraday trade. Monday morning
blues were written all around, but the Indian domestic indices forecast to make
positive gains tracking cues from global indices and Nifty, scuttled out in the
noon session. The Sensex closed higher by 36 points to 32869, while the Nifty future rose 6 points to close at 10127. The nifty future opened at
10167 made a high of 10198 & low of 10126 & finally closed 11 points up
at 10166.
The Nifty
future has slipped below support level 10200 & closed at 10183. Going into Tuesday trade, the
market is poised in a tricky situation. We might see modestly positive
to flat opening on Tuesday. Shorts are being added to the system given the fact that the support level 10125 remains
in close vicinity at 10183, the market may seek to take some respite from the
current spate of weakness. On the other hand, the 10225 and 10250 levels will
pose stiff resistance
on the upside. The 10125 and 10075 levels will act as immediate resistance for the index. Supports will come in
at 10050 and 10000 levels. We recommend avoiding shorts and keeping
overall exposures moderate while keeping a cautious view on the market.
DAILY RESISTANCE FOR NIFTY: 10220, 10250,
10275
PIVOT POINT: 10175
DAILY
SUPPORT FOR NIFTY: 10120, 10100, 10075
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