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BUY HINDALCO 220 CALL @ 2 TGT 2.7/3.5
What a comeback of
nifty…!!!! After a bearish start market recovered to hit a new high today.
Sensex climbed as much as 358 points to a new intra-day high of 40606. The
Nifty also hit 12000 after a gap of five months. The Sensex closed 221 points
higher at 40469, also a new closing high, while Nifty settled 0.37% higher at
11961. Realty and financials outperformed in expectation of new measures
while metal stocks gained owing to easing global trade war. Better results from
index heavyweights kept expectations high for earnings growth, influencing
investors to stay in the market. The Sensex rising as much as 358 points to a
new intra-day high of 40606. The broader Nifty also hit 12,000 after a gap of
five months. The Nifty Bank index was up over 1%. ICICI Bank, IndusInd Bank,
Kotak Bank, RBL Bank, HDFC Bank and Axis Bank rose between 1% and 2.5%.
The index formed a
bullish candle on the daily scale and needs to hold above 11950 to extend gains
towards 12035, and then 12050-12100 zone. Overall setup and momentum is
positive and a hold of recent zones could extend rally, while support will be at
11850 and then 11800 levels. It has been making higher top and higher
bottom formation and supports are gradually shifting higher with medium term
support at 11700.
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Resistance: 12035, 12100
Support: 11850, 11800
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