NIFTY & BANK NIFTY OUTLOOK & FREE TIPS FOR 7 FEB 2018

CENTURYTEX WITNESSED A STEEP FALL 

2nd FEB 2018 WEEKLY CALL; CENTURYTEX 

ACHIEVED TGT 1200 

CENTURYTEX PROFIT: 32420 PER LOT

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Negative opening of nifty future was expected but not near the level of 10300 (i.e. -300 points down) in post noon session it has tried to get recover but get unsuccessful.  The Sensex and Nifty witnessed a sharp fall today with the Sensex opening down 1240 points at 33516, while the Nifty future was down 380 points in opening trade. At markets close, Sensex was at 34195 down 561 points; and Nifty at 10534 down 150. Market took cautious ahead of the RBI policy meet this week as the expectation are that repo rate might be increased amid inflation concerns. Selling continued in the market as concern over bond yield and weak global market impacted the sentiment. Upcoming RBI monetary policy will be a key trigger for the market, the outcome of which is expected to be status quo, but any commentary over government's fiscal policy and concern over rising yield will add volatility.
The Nifty future has slipped below support level 10550 & closed at 10513. Going into Wednesday trade, the market is poised in a tricky situation. We might see modestly positive to flat opening. Shorts are being added to the system given the fact that the support level 10400 remains in close vicinity at 10300, the market may seek to take some respite from the current spate of weakness.  On the other hand, the 10650 and 10700 levels will pose stiff resistance on the upside. We recommend avoiding shorts and keeping overall exposures moderate while keeping a cautious view on the market.

WEEKLY RESISTANCE FOR NIFTY: 10600, 10650, 10700

PIVOT POINT: 10400

WEEKLY SUPPORT FOR NIFTY:  10350, 10300, 10250