Yesterday Markets opened in mixed signals from Asian Markets
trading in red as Nifty trading flat throughout the day as short covering was
the theme of the day with Nifty futures closing at par with previous close of
7485.30 with absolutely no change in index on Tuesday.
Nifty traded with no volatility showing significant pullback
and sustained at every level with bulls gaining over bears before market could
take correction and short covering from weekly bull rally.
Our buy calls on Mcleodruss proved great. We booked
profit and minted money in tons.
We also recommended buying in Ajanta Pharma on 02/03/2016
Call Option with 1400 strike and Lot size400 at Premium of 28 with target
of 49.It made a high of 51 before closing at 49.75.
Let see what will happen today???
NIFTY FUTURES Nifty futures gave a gap up opening but
was unable to sustain as there was short covering in market at opening bell as
a result of which it closed by gaining just .05 points and closed at par with
its previous close at 7485.35.
Nifty futures is settled at 7485.35.It is showing near term
resistance at 7512.If this level is breached on may see resistance building at
7570-7590.
It has a near term support at 7422.below this stock may test
support of 7380.
Nifty futures looks stable and strong in charts and bulls
may continue momentum backed by increased FII buying in market.
BANK NIFTY On the other hand Bank nifty looked highly
volatile due to short covering prevailing in bank Nifty as it gave a gap down
opening at 15323.45 and from there made low of 15066.50 and then pulled back
making high of 15326.65 before closing at 15146.50 losing 192.70 points in the
index i.e. a 1.26% dip to the index.
Bank Nifty looks bullish in charts and has high probability
of sustaining a bullish rally.
Currently Bank nifty at 15146.50 has crucial resistance at
15340.If this level is breached in coming sessions one may see next resistance
building around 15550.It also has a near term support at 15047-15000.
As a result of this we saw Banking stock SBI and Bank of
Baroda among top loser in trading session due to short covering.
Today's top pick
