BUY IFCI 17.50 CALL @ 0.25 TGT 0.4/0.6
BUY ICICIBANK 290 CALL @ 3.80 TGT 5.8/7.7
Bulls are on back foot, Bears continued to rule… Nifty has started the week on negative note citing weak global markets cues. It has started on bearish note and gradually declined as the session progressed & finally closed at 1647 down by 47 points. Nifty future has started from 10698 made a high of 10705 and low of 10595, total 110 points moved in intraday.
Some more choppiness could be witnessed in the upcoming session. The recent swing low of 10,550 levels could help bears to rule. Now 10750 levels has become an impotent level for nifty. Only above 10750 levels could help bulls to comeback in the ground. Traders should trade with proper strategy in such scenario. It looks prudent for traders to avoid short-term bets and focus on any breach of larger trend, which may chalk out the future course of action for the indices. The 10535 level still looks like a sacrosanct support, a breach of which shall take the Nifty future below the 10450 level. A decisive close above the 10800 level should usher in a sustainable uptrend.
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Resistance: 10750, 10800, 10850
Support: 10575, 10535, 10500
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