Tuesday, August 27, 2019

NIFTY VIEW & OPTION CALL PUT TIPS FOR 28 AUG 2019

Market sentiments were boosted by domestic cues along with higher global markets which helped Sensex and Nifty rise for the third straight day. The Sensex ended 147 points higher at 37641 while Nifty settled 0.43% higher at 11105, driven by gains in banking, auto and energy stocks. Some selling in IT stocks capped gains.  The recent announcement made by the finance minister and the outcome of RBI board meet are definitely positive for the Indian markets. This is likely to lift domestic sentiments in the near term. Going forward, the market participants would keep a close watch on currency movement and upcoming Q1FY20 GDP data. Globally, trade tensions between US-China are likely to induce volatility into the markets.
Nifty remains in a structural uptrend and is expected to scale new highs. We expect some volatility in the near term post with an impulsive up-move is expected. Advice buying in dips for initial target of 11150 -11200 followed by 11250 on the higher side. Downside support is seen in the range of 11050 -11000. Only a breach of 10900 will invite caution. Private banking and Consumption's are expected to lead while Metal and Auto stock are expected to stage a bounce back.
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Resistance: 11150, 11200
Support: 11000, 10900

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