"BUY NCC 55 CALL @ 1.8 TGT 2.8/3.8""BUY SBIN 300 PUT @ 5 TGT 6/7"
Bulls are on back foot bears
continued to grip the markets on the first day of the week but ended the
volatile trading session in the positive territory supported by buying in
blue-chip stocks. Market was rangebound as investors are closely watching the
upcoming economic macros such as CPI inflation and IIP data for any signs of
progress in the govt’s effort to revive the economy. FIIs are likely to turn
risk averse in domestic market as strong US job data, progress in trade talks
and expectations of status quo in Fed policy will add impetus to global markets. The Sensex settled 42
points, higher at 40487 level. The Nifty
settled at 11937 -mark, up 16 points.
We continue to maintain
our cautious stance considering the recent run up and stretched valuations.
Going forward, market participants would keep a close watch on CPI, IIP and WPI
numbers scheduled to release this week. On the global front, trade deal
developments between the US and China would be a key determinant in deciding
the direction for Indian as well as global markets. The Nifty has been
struggling to clear the 12,150–12,200 zone, which was the potential reversal
zone of a bearish harmonic AB=CD pattern. The index has undergone a corrective
move in 4 out of 5 trading sessions so far since last week. Even the market
breadth remained in favor of declining counters, which indicates profit booking
in individual stocks. For the coming session, immediate resistance would be
seen at 12000-12100 and a sustainable move beyond this would extend this rally
towards 12200. On the flipside, 11900-11800 are likely to act as strong support
levels unless this zone is violated decisively, the bulls need not worry.
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Resistance: 12000, 12100,
12200
Support: 11900,
11800, 11700
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