BUY VEDL 165 PUT @ 4.3 TGT 5.3/7
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Bulls are on back foot, Bears continued to rule… Nifty has started the week on negative note due to heavy selling in bank, auto and metals stocks amid weak global cues and concerns over poor progress in monsoon. Investors also worried over liquidity in the system and cautiousness ahead of the Union Budget. The sensex fell for a fourth straight day, ending 491 points lower at 38961.Nifty settled at 11672, down 151 points.
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: 11800, 11900, 12000
Support: 11600, 11500, 11400
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