9 July 2018


"BUY TATAELXI FUTURE ABOVE 1385 TGT 1392/1399 SL 1378"
"BUY TCS 1800 PUT @ 11 TGT 19/29"
The week has started on bullish not following positive cues from Asian markets. Sentiment was also boosted by Indian rupee appreciating against the US dollar due to positive data on US job market. The Sensex surged 276 points, on Monday to end at 35934, a five-month closing high. The Nifty future rose 80 points to settle at 10859. Nifty future has opened at 10812 made a high of 10866 and low of 10801. The only thing predictable about the India’s forthcoming general elections is their unpredictability. This is what is going to keep the domestic equity market choppy in the days ahead. Besides, a falling rupee, rising crude oil prices and unabated outflow by foreign institutional investors are only going to add to the woes.
Now bulls have very specific level to achieve i.e. break firstly the previous swing high that is placed at 10900 and beyond that 11000. On the downside, we have trend line support at 10750 which is the wall of China for bulls while bears will try aggressively to breach it. All in all, we see further strength for bulls as far as if they are above 10825 on a closing basis.
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Resistance: 10895, 10935, 10975
Support: 10775, 10750, 10700

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