NIFTY VIEW & OPTION CALL PUT TIPS FOR 29 AUG 2019

BUY DLF 165 CALL @ 1.4 TGT 2.5/3.2

Market was off bit because of F&O expiry on august 29’2019. The Sensex dropped 189 pts & Nifty came below 11050 in Wednesday’s trading session. Market settled lower after previous three straight sessions of gains, as worries of a global recession weighed on investor sentiment. The Nifty closed down at 11046, while the Sensex ended at 37451. Fearing longevity of the current bulls & bear phase, investors choose to wait and watch in the near term. A unit of Fitch Ratings, India Ratings and Research, lowered its FY20 gross domestic product (GDP) growth forecast for the country to 6.7% from 7.3%, souring domestic sentiment. GDP data for the April-June quarter is due on Friday, and the economy likely expanded at its slowest pace in more than five years during the period, driven by weak investment growth and sluggish demand, according to a Reuter’s poll.

Pullback rally is expected in tomorrow’s sessions. A decline below 11000 is expected and also we also suggest selling Nifty future if conditions matched for same targets below 10975. Going forward, the immediate support for the Nifty is placed at 10950 and 10900 levels. On the flipside, resistance is seen at 11075 and 11100 levels, but the major hurdle is in the 11035-11055 region and till such time that this region is taken out, any rally may be considered as a pull back or of corrective in nature.

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Resistance: 11055, 11075, 11125

Support: 10975, 10935, 10900