BUY MARUTI 5900 PUT @ 70 TGT 110 /155
BUY NIFTY 10900 CALL 26 SEP @ 24 TGT 40/60
Market skewed
in favor of the bears Tax collection at a slower rate is hurting the market to
a large extent. There are concerns the government won’t be able to meet the
revenue target at this pace. The Credit Suisse report on consumption slump is
also bothering investors. The Sensex slumped as much as 576 points to fall
below 36000 and the Nifty dropped 170 points to fall below its important
psychological level of 10700 to hit an intraday low of 10670. The Sensex
dropped 470 points to close at 36093. its lowest level since March
1 and the Nifty slumped 136 points to close at 10705, its lowest level
since February 19. The stock markets fell sharply in trade on Thursday led by
declines in Reliance Industries, ICICI Bank, Infosys, Tata Consultancy Services
and IndusInd Bank.
Continuous selling by FIIs and uncertainty over future trajectory of Fed rate cut dampened investor sentiment. Slowdown in direct tax collection and rise in oil prices will limit government’s space for stimulus measures which will continue to act as a downside risk to the market. We are very much convinced that the recent low around 10700 will not be challenged and the hope as of now turned into a reality. We still remain optimistic and expect the index to revisit 10650-10600 in next few days. For Friday, 10855 followed by 10915 are the levels to watch out for in the upward direction and on the lower side, we expect 10655 to act as a sheet anchor. In case of any decline in the initial hour, traders should construe this as a good buying opportunity.
Continuous selling by FIIs and uncertainty over future trajectory of Fed rate cut dampened investor sentiment. Slowdown in direct tax collection and rise in oil prices will limit government’s space for stimulus measures which will continue to act as a downside risk to the market. We are very much convinced that the recent low around 10700 will not be challenged and the hope as of now turned into a reality. We still remain optimistic and expect the index to revisit 10650-10600 in next few days. For Friday, 10855 followed by 10915 are the levels to watch out for in the upward direction and on the lower side, we expect 10655 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: 10855, 10915
Support: 10655, 10925
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