Nifty 8697 /Sensex 28061/ Bank Nifty 19400
19 Advances /31 Declines/ 1 Unchanged
“Nifty forms Hammer pattern on charts, monday Crucial”
Nifty managed to close forming a hammer pattern which signifies strength and a possible reversal although weak global issues can still play a good role in further correction of the market.
The Nifty 50 managed to bounce back after profit booking for the third consecutive session of the week. So 8665 will remain a crucial level to hold for nifty spot else further profit booking can drag the index to 8500 levels.
Now this week some important results can afftect the coming week. Two big IT companies i.e TCS and Infosys is to announce its Q2 earnings which can play a role in this week’s trading sessions.
Also government will release the September inflation data based on CPI on Thursday and monthly inflation data based on WPI on Friday which can also play a role in deciding the further trend of the market.
Our Recommendations
We booked part profit in our Cash recommendation in Eid Parry around 277 and it was recommended to buy around 268—265.
We booked full profit in Nifty futures around 8720 and it was recommended to sell below 8760.
Last but not the least, Cummins future was asked to sell around 922—925 and we booked full profit in this around 915.
Now what next for today??
Nifty has immediate support at 8680 and resistance is at 8780---8850. A move and sustain below 8680 will take to 8620---8550 mark else it could test it's resistance level of 8780---8850 again.
Further upside rally will see only close above 8850.
On the other hand, Bank Nifty has immediate support at 19400 and hurdle is intact at 19700.
Break and sustain below 19400 will take it to 19050---18900 mark in days to come else could test it resistance level of 19700 again.
Trade with levels only
Today's Top Pick
Zeel... Above 570. Rally remain continue for the upside target of 590---605.
Support and stop loss 550.
Trade in less Quantity
More will update during market hours!!
