BUY BATAINDIA 1580 CALL @ 20 TGT 25/30
BUY INDIGO 1650 PUT @ 29 TGT 35/42
Bulls are
on back foot, Bears continued to rule…
Nifty has started the week on negative note dragged down by oil &
gas and energy stocks following spike in oil prices as attacks on key producer
Saudi Arabia’s facilities sparked supply fears sapping investors risk appetite.
Nifty has started on bearish note below 11000 level at 10994 and made a high of
11052 gradually declined as the session progressed & made a low of 10968
& finally managed to close above 11000 mark at 11003. The Sensex closed 261
points lower at 37123.
The spike
in crude oil is likely to affect the fiscal position of net energy importers
such as India in the medium term as uncertainties will keep market sentiment
volatile. We still remain optimistic and expect the index to revisit 11085-11155
in next few days. For tomorrow, 11055 followed by 11085 are the levels to watch
out upward direction and on the lower side, we expect 10955 to act as a sheet
anchor. In case of any decline in the initial hour, traders should construe
this as a good buying opportunity.
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Resistance: 11085, 11155
Support: 10955, 10900
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