BUY VEDL 160 PUT @ 4 tgt 5.5/7
BUY LT 1420 CALL @ 22 TGT 26/30
Corporate
earnings and F&O contract expiry took the market indices in the red. Sensex
gives up 300-pt, while Nifty settles July series below 11300 mark. Fearing
longevity of the current bear phase, investors choose to wait and watch in the near
term.
Due to lack
of market event ahead, progress of monsoon and global earnings will dictate the
market trend. We reiterate our bearish view on Nifty and suggest
continuing with “sell on rise” approach. Nifty has strong resistance near 11300.
Until trading below this level, we may see profit booking on every rise. Any
close above 11325 can lead to good short-covering, which in result may push
index towards 11355-11395 zone and support for Nifty is coming near 11225 -11200
zone.
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Resistance: 11225, 11200
Support: 11300, 11355
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