"BUY BANKNIFTY 29000 PUT 9 MAY @ 90
TGT 130/170"
"BUY DLF 160 PUT @ 6 TGT 7.5/8.5"
The market fell sharply
in Wednesday's session, closing lower for a sixth session in a row. The Sensex plunged
488 points to end at 37789 and the Nifty slumped 138 points to close at 11359. The
Sensex fell as much as 534 points during the session, and the Nifty declined to
an intraday low of 11347. A combination of factors including worries over
unsuccessful US-China trade negotiations impacting global growth prospects,
profit-booking ahead of the outcome of general elections and below-par
corporate earnings impacted the investor sentiment.
we expect market would remain volatile in the near term given earnings outcome and central election progress. Some more choppiness could be witnessed in the upcoming session. The recent swing low of 11350 levels could help bears to rule. Now 11500 levels has become an impotent level for nifty. Only above 11500 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 11300 level still looks like a sacrosanct support, a breach of which shall take the Nifty future below the 11200-11100 level. A decisive close above the 11600 level should usher in a sustainable uptrend.
we expect market would remain volatile in the near term given earnings outcome and central election progress. Some more choppiness could be witnessed in the upcoming session. The recent swing low of 11350 levels could help bears to rule. Now 11500 levels has become an impotent level for nifty. Only above 11500 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 11300 level still looks like a sacrosanct support, a breach of which shall take the Nifty future below the 11200-11100 level. A decisive close above the 11600 level should usher in a sustainable uptrend.
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Resistance: 11450, 11550, 11650
Support: 11350, 11250, 11150
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