For educational purpose only, please trade
after consulting with your advisor.
NIFTY 50: On last trading session we have seen a huge gain of 82.35points (+1.01%).
As mentioned in our previous update that Nifty is in Buy Zone and go Long with
the Target of 8200 and 8220 and happy to share that Nifty meet our levels and
close at 8224.50.
Now what’s next: NIFTY is in buy zone as that is trading above its short term as well as
long term moving average, we suggest you to go long with strict stop loss. NIFTY
will enter into Sell zone if it closes below 8133.85, rally may continue in
Nifty with immediate resistance to the up move at 8250/8296 .Yesterday we saw a
sharp surge in CRUDE OIL as OPEC reached
agreement on output free by 1.2 mbpd starting Jan 1, 2017. A moderate Oil price
is sustainable our economy have sufficient forex reserve for any external
shock. On last trading session FIIs were net sellers of Rs.434.42 Crores while
DIIs were net buyers of Rs. 676.68 in Capital markets. Nifty would see strong
support at 8200/8161/8150/7997/7975. And resistance at 8250/8288/8296/8305.
For short term, we are having negative view on Oil Marketing Companies,
Tyre Company, Paints Companies and Aviation Company. However we have positive
view on IT and Pharma Companies.
NIFTY BANK: On last trading session we have seen a huge gain of 404.05 points (+2.22%).
It was clearly mentioned in my last update that short term rally not ruled out.
Further it was also mentioned that for entering into positive zone, we need a
closing above 18559. We have seen a closing at 18627.
Now what’s next: Now Bank Nifty enter into buy Zone. Further Bank Nifty is now trading
above its short term as well as long term moving averages. Now go long in Bank
Nifty but with strict stop loss. As today is expiry of weekly contract, so we
are expecting huge volatility. Bank
nifty will enter into sell zone if it close below 18573.
Support: 18585/18503/18436/18325
Resistance: 18690/18780/18880/19010
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