"BUY BIOCON 230 PUT @ 5.4 TGT 6.4/7.4"
"LT 1420 CALL @ 17 TGT 21/25"
Last week’s mayhem continued in today’s session as we started proceedings for the week with a downside gap tad below 11350. The selling aggravated as the day progressed and in the process, we went on to violate the crucial support zone of 11200 – 11150 as well following Finance Minister Nirmala Sitharaman's comment that the government does not intend to review its overseas borrowing plan. The Sensex index - which opened 160 points higher at 38043 - gave up early gains to fall as much as 148 points to 37734, and the Nifty moved to 11214, down 70 points from the previous close.
Markets are largely focusing on weak domestic sentiment while cues are mixed from the global front. And, in the absence of any major event, we feel earnings will continue to dictate the market trend. Nifty has reached closer to its crucial support zone of 11,100 and resilience in the banking space is indeed a positive sign. The overall chart structure looks distorted and hence, till the time we are below 11300 – 11200, the bears remain in the dominating position. As far as supports are concerned, 11100 seems to have earned some respect and below which we can see a sheet anchor support of ‘200-day SMA’ which now coincides with May lows of 11108. Considering last Friday’s action, a possibility of some relief in the forthcoming week cannot be ruled out. In this scenario, 11350 – 11450 can be retested. But as highlighted above, one needs to be agile and should probably take some profit off the table at least on momentum trades.
"LT 1420 CALL @ 17 TGT 21/25"
Last week’s mayhem continued in today’s session as we started proceedings for the week with a downside gap tad below 11350. The selling aggravated as the day progressed and in the process, we went on to violate the crucial support zone of 11200 – 11150 as well following Finance Minister Nirmala Sitharaman's comment that the government does not intend to review its overseas borrowing plan. The Sensex index - which opened 160 points higher at 38043 - gave up early gains to fall as much as 148 points to 37734, and the Nifty moved to 11214, down 70 points from the previous close.
Markets are largely focusing on weak domestic sentiment while cues are mixed from the global front. And, in the absence of any major event, we feel earnings will continue to dictate the market trend. Nifty has reached closer to its crucial support zone of 11,100 and resilience in the banking space is indeed a positive sign. The overall chart structure looks distorted and hence, till the time we are below 11300 – 11200, the bears remain in the dominating position. As far as supports are concerned, 11100 seems to have earned some respect and below which we can see a sheet anchor support of ‘200-day SMA’ which now coincides with May lows of 11108. Considering last Friday’s action, a possibility of some relief in the forthcoming week cannot be ruled out. In this scenario, 11350 – 11450 can be retested. But as highlighted above, one needs to be agile and should probably take some profit off the table at least on momentum trades.
More about intraday tips on Google +
Resistance: 11300, 11350
Support: 11200, 11150
No comments:
Post a Comment