"BUY RBLBANK 640 PUT @ 11.20 TGT 14/17.5""BUY RELIANCE 1380 CALL @ 18 TGT 24/30"
Bears continued to grip
the market. The Sensex fell over 160 points and the Nifty dropped below the
11600 -level in early today’s trade. Final hour buying helped the Nifty
to finished just above 11600 level. The Sensex was down 161 points at 38700,
while Nifty was down 61 points at 11604. Markets were reacting on crude oil
prices rising to their highest level since November 2018, owing to OPEC’s
ongoing supply cuts & US sanctions against Iran and Venezuela. This was
followed by a weak rupee that acted as a double whammy.
Some more choppiness
could be witnessed in the upcoming session. The recent swing low of 11549 levels
could help bears to rule. Now 11601 levels has become an impotent level for
nifty. Only above 11670 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 11500 level still looks like a sacrosanct support, a
breach of which shall take the Nifty below the 11450 level. A decisive close
above the 11700 level should usher in a sustainable uptrend.
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Resistance: 11670, 11700, 11750
Support: 11525, 11500, 11450
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