"BUY UNIONBANK 57.5 CALL @ 1.8 TGT 2.3/2.8""BUY SBIN 255 PUT @ 2.9 TGT 3.9/5"
A volatile trading
session ended on positive note, Nifty & sensex witnessed
a volatile session on September 4 but managed to end higher with Nifty above 10800. markets opened on a
cautious note on Wednesday following rising concerns over subdued macroeconomic
data, unabated outflows by foreign institutional investors amid weak global
cues. The Sensex ended 162 points higher at 36725 and the Nifty climbed 47
points to shut shop at 10845. Growth in China's service sector accelerated
despite broader economic headwinds which sent markets higher. Moreover, reports
that Hong Kong will announce the withdrawal of an extradition bill also caused
relief.
Nifty witnessed significant selling pressure post expiry of August series.
Multiple reversal attempts have failed and currently we believe the short term
structure continues to remains weak. We expect the index to face resistance
around 10900; on the downside 10700 levels can be tested.
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Resistance: 10900, 11000
Support: 10750, 10650
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