BUY BANKNIFTY 26400 CALL @ 80 TGT 121/156
BUY UPL 620 PUT @5 TGT 7.5/8.9
Market fell on third day of expiry week due to weak global cues. Shares of oil marketing companies slipped on higher crude prices, and the rupee hit a more than one-and-a-half year low, while traders turned cautious a day before the expiry of derivatives contracts. Markets opened flat and continued to move down for the day on the back of weak global cues and an inherent malaise on the domestic investors. The Nifty future today opened at day’s high of 10811 made a low of 10651 and closed at 10671 down by 95 points.
BUY UPL 620 PUT @5 TGT 7.5/8.9
Market fell on third day of expiry week due to weak global cues. Shares of oil marketing companies slipped on higher crude prices, and the rupee hit a more than one-and-a-half year low, while traders turned cautious a day before the expiry of derivatives contracts. Markets opened flat and continued to move down for the day on the back of weak global cues and an inherent malaise on the domestic investors. The Nifty future today opened at day’s high of 10811 made a low of 10651 and closed at 10671 down by 95 points.
Nifty formed bullish
candle on the daily chart. The nifty also formed lower highs and lows compared
with that in the today’s session, indicating a negative bias. We would
advocate staying short at the current juncture and hold a bearish outlook on
the markets. Nifty is currently sustaining above its 20-day, 50-day and 100-day
SMAs, which support bullish sentiments ahead. For Thursday, in nifty future 10825 level
remained a crucial resistance and any violation of this level will give Nifty future an upward momentum towards 10850 and 10875 levels. On the downside, a breach of
the 10630 level will trigger weakness towards 10,600 and 10,575 levels. The RSI
indicator is in the negative mode, which signals weakness ahead.
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Resistance: 10825, 10850, 10875
Support: 10625, 10600, 10575
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