As expected... Nifty future took the support level of 7780 and bounced back. Indian market kept surprising on Monday as well. Opening in red and giving a shock to investors for some hours, market was lifted in the last hours as heavy weight lifted Sensex 164 points and nifty 45 points.
Cigarette major ITC was the biggest gainer, rising 3 percent ahead of fourth quarter earnings that will be announced on May 20. Dr Reddy's Labs also surged 3 percent. HUL, HDFC and HDFC Bank gained more than 1.6 percent on short covering and value buying.
Nifty took support from 7780 and rallied up despite giving a heavy fall from the morning hours failing to break the H&S pattern which we mentioned in our yesterday morning note.
Bank Nifty was also forming H&S pattern and failed to break the channel and took support from 16450.
Despite this kind of an unexpected movement we booked profit in our calls.
Asian Paints... Flared and made a high of 954. We booked full profit around 949. It was recommended to buy around 900.
Our premium clients booked part profit in STAR around 1210, It was told to buy around 1145.
Our call option in DISH TV proved great as well, 100 CE was advised to buy at 2.20 premium, we booked part profit in this 3.10.
Dish Tv was also asked to buy in cash above 92.50. We booked profit in this at 98.80.
Mothersumi... Clearly indicated to buy around 262---260. Flared and we booked part profit around 268.
Not this only... Look at KSCL too. It skyrocketed yesterday.
Who can get you profits in this kind of market?Just following us and you would gain more.
Now what to expect today?
Nifty is exactly near its support levels of 7780, which is also the support of the H&S pattern, So market has to rally up to maintain its bullish trend. A break of 7780 will take it down to 7720---7650 and a close below 7650 will take the nifty futures to 7300—7200.
Else it could test its resistance level of 7940 and fresh bullish rally will only be expected only above this level.
Major hurdle 8050.
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