SBIN 260 OCT PUT ALMOST HIT 1ST MADE A HIGH OF 5.25 BUY GIVEN @ 4.3 YESTERDAY 2850 PROFIT
WEEKLY RESISTANCE FOR NIFTY:
11600, 11700, 11800
PIVOT
POINT: 11500
WEEKLY
SUPPORT FOR NIFTY: 11400, 11300, 11200
WEEKLY CHART FOR NIFTY
DAILY RESISTANCE FOR NIFTY: 11600, 11650, 11700
PIVOT POINT:11550
DAILY SUPPORT FOR NIFTY : 11500, 11450, 11400
DAILY CHART FOR NIFTY
In mere
couple of trading sessions, the Nifty has rallied from the low of around 10700
to almost test 11700. Traders and investors have certainly cheered to the steps
taken by our FM on Friday and the party continued in yesterday’s session as
well. Many of the large cap stocks have participated in the upmove in last
couple of sessions and the volumes in this upmove too have been good. The Nifty started the week on a cheerful note
and continued the last week’s optimism as it opened with a gap up of about 270
points. During the day, the index rallied higher to almost test the 11700 mark
and then consolidated during later part to end around 11600, adding more gains
of over 300 points. Post the sharp upmove in a couple of sessions, the index
consolidated in a range on Tuesday and ended around the Monday’s close. On
Wednesday markets was trading with a negative bias in morning and in line with
the global cues. With open high same scenario, the Nifty breached low of the
'Doji' candle formed on the previous day. Nifty then witnessed a sell-off and
it corrected throughout the session to end the day with a loss of around 150
points. On the expiry day of f&o September series index started the day
marginally positive and rallied sharply in the first hour of the trade to
re-test the 11600 mark. Although the index traded with a positive bias, the
intraday volatility remained high. The Nifty ultimately ended the day with
gains of over a percent. Post a minor correction for a couple of sessions, the
indices resumed the positive momentum in Thursday’s session. On market was trading
flat in the volatile trade on September 27 with Nifty hovering around 11550
level.
NIFTY: A STRONG SUPPORT WILL BE @ 11350;
STRONG RESISTANCE LEVEL SEEN @11725
We
continue with our advice for traders to trade with a positive bias. Given the
sharp up move, it is a bit difficult to time entry now for those who have
already missed the bus. But, we believe that this rally has more legs to unfold
and hence, one should use buy on declines strategy. The immediate support for
the index is placed in the range of 11400-11300 whereas the near term
resistances are seen around 11705 and 11800. For intraday, 11539 will be seen
as initial support followed by Monday's gap area of 11470-11380. On the
flipside, 11655- 11700 is seen as the immediate hurdle on the upside.
TECHNICALLY SPEAKING.