NTPC 130 CALL NEAR TO HIT THE TGT 3 RUNNING @ 2.6 BUY GIVEN @ 1.8
3840 PROFIT IF U BOOK NOW
CONTINUE TO HOLD FOR TARGET
Bulls are
back in action..!!! nifty managed to close above 11650 mark. Benchmark indices closed strong with the
Sensex rising 234 points to 39131 and the Nifty climbing 72 points to 11661.
The indices touched intra-day highs of 39174 level at the Sensex and 11670
level at the Nifty. A slew of
positive vibes from heavyweights ahead of earnings and lower domestic yield
supported the market while profit booking on IT stocks and weak rupee limited
gains. Earnings will be the major catalyst where investors are keen to get cues
from Q1FY20 results and guidance. Sharp fall in domestic 10-year yield to 6.34%
and accommodative stance by the RBI provide a hope for further monetary easing.
Nifty
managed to close above strong hurdle of 11650, suggesting short-covering moves
towards 11700-11735. Holding above support of 11625 may extend this rally further.
Nifty Bank closed at 30571 forming Doji candle pattern on the daily chart. Nifty
Bank has good support near 30350-30250 zone and resistance is coming near 30750-31000
zone. We expect the market to remain choppy in the near term in the backdrop of
weak domestic sentiment given the on-going economic slowdown. The monsoon has
shown considerable improvement over the past 1-2 weeks, which is a positive for
Indian economy. However, the progress of monsoon would be actively tracked by
traders and investors. Further, earnings announcement by companies is likely to
lead to stock specific volatility. On the global front, ongoing geopolitical
tensions between US-Iran could have a bearing on Indian market as crude prices
have inched higher in the recent past and is likely to keep the market
participants on edge.
Resistance: 11725, 11800
Support: 11625, 11550
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