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The overall market view is still positive as the nifty has a bunch of strong support near 10450-10400, and any dips near this level can be a good buying opportunity. I believe that if index holds above 10525 levels then it has the potential to claim the targets of 10575-10600. I recommend every dip near 10500 can be used to make fresh long in the index with keeping stop loss level at 10425 on a closing basis.
1st day of year 2018 belonged to the bears…!!! Bears took the charge in the final hour of trade on Monday 1 January 2018. The Sensex ended over 244 points down, while the Nifty was below 10500-mark. Investors started booking profit at record highs in absence of cues from global markets that remained closed for the New Year holiday. There was accelerated selling, particularly in the last hour of trading dragging the key Sensex from record highs. Bouts of buying were, however, seen in power, capital goods, realty, healthcare and consumer durables sector stocks that capped the losses to some extent. The Nifty future cracked below the 10500-mark to hit a low of 10423 before settling 66 points down at 10490."OPTION TRADING TIPS"
The overall market view is still positive as the nifty has a bunch of strong support near 10450-10400, and any dips near this level can be a good buying opportunity. I believe that if index holds above 10525 levels then it has the potential to claim the targets of 10575-10600. I recommend every dip near 10500 can be used to make fresh long in the index with keeping stop loss level at 10425 on a closing basis.
RESISTANCE: 10575, 10600
PIVOT POINT: 10475
SUPPORT:
10450, 10400
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