22 February 2018

NIFTY CONTINUES CONSOLIDATION WITH NEGATIVE BIAS

TATAMOTORS SELL CALL GIVEN IN LAST POST  ROCKS!!!! ACHIEVED FINAL TGT 358.5



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NIFTY follow the Key Resistance @ 10430AND Support @ 10330;facingCONSOLIDATION IN A NARROW RANGE
Benchmark indices ended lower in a volatile trade ahead of February F&O expiry. Domestic sentiment due to weak global cues .The Sensex has opened at 33817 made a high of 33868 and low of 33691 and closed at 33819 ,loss25 points. The nifty future has opened at 10345 made a high of 10396 and low of 10330.05 and closed at 10384 with loss6 points.
The biggest gainers of the session on the Nifty 50 were Tech Mahindra Ltd and Tata Consultancy Services Ltd.We expect the Indian equities to remain range bound in the coming sessions. With yesterday’s action, we do not see any major change in the price structure. Who knows, this might be the lull before the storm. Considering the expiry factor, such range bound day was quite evident as we can see Nifty getting stuck in a small band of 10430 – 10330.
Hence, we did not see any directional move with a conviction during the day. However, we can now see an addition of yet another indicator along with bearish price structure; providing credence to the possible downside in days to come.we continue to remain cautious and one should avoid forming fresh longs in case of any bounce back.
For the coming session, 10430 – 10500 would continue to act as immediate resistance; whereas, 10330 - 10290 remains to be an important support zone.However, in case of further decline, its 200-day moving averages (placed at around 10,085 level) will continue to work as key reversal point.Nifty continues to move in a small range (10330-10430). This can be termed as a Consolidation with a bearish bias. A narrow range seems like a precursor of a bigger move which is likely to follow. A break on the lower side of the range will lead the Nifty to test 10290-10085; whereas a bullish breakout to the trading range will lead the Nifty towards the Flag target of 10500/10600.
Resistance: 10430, 10485, 10530, 10600

Support: 10330, 10290, 10250, 10085

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