RBLBANK 640 PUT BUY GIVEN @ 11.20 ALMOST ACHIEVED 1ST TGT 13.40 PROFIT OF 2640 U MAY CONTINUE TO HOLD FOR TGT 14/17.5
RELIANCE 1380 CALL @ 18 CLOSED IN PROFIT ONLY @ 20 CONTINUE TO HOLD FOR TGT 24/30
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Bulls & bears were
on roller-coaster ride today. After witnessing a weak opening; by
the latter half the mood was tilted towards the upside. The market breadth was
weak but was inclined towards the buyers. All the indices were in the green
except media and defensive sectors such as IT and pharma were up mainly because
the rupee traded higher compared to the US dollar today.
In the near term, we
continue to remain cautious, as we believe choppiness is likely to remain high.
In the coming sessions, focus would shift to Q4FY19 earnings season and
domestic macro data. Further, market participants would closely monitor the
progress of central elections, behavior of crude oil prices and fluctuation in
currency, as it would further induce volatility in the markets. Only above 11800 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 11600
level still looks like a sacrosanct support, a breach of which shall take the
Nifty future below the 11500 level. A decisive close above the 11800 level
should usher in a sustainable uptrend.
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Resistance: 11775, 11800, 11850
Support: 11600, 11550, 11500
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