NIFTY FUTURE
Quarterly results session is going on, lots
of companies have presented their results and some have to present. But we are
not getting any result which can boost our markets.
If we see Nifty’s weekly
chart we can find that nifty is running in a channel in weekly chart and at
present that channel getting resistance from 8300, it is showing that nifty
will may go down up to 7400 that will be support of our channel as we can see
in the chart.
US federal’s meeting also indicating that
they will increase rates in upcoming policy of December, it will be another
negative point for our markets.
Bihar legislative
assembly election’s
result has to come on Sunday if BJP will not come than market will be open gap
down on Monday, and chances for BJP are
not looking good as per estimations, so we can short nifty for some upcoming
sessions form current levels for the targets of 7500 with stop loss of 8380.
Call: Short
CMP: 8111
Initiation Level: 7950
Book Profit (Level 1):7870
Book Profit (Level 2): 7700
Stop Loss: 8100
Conviction Level: moderate risk
Reason- inverted head and shoulder
Short term Trend: correction
Medium Term Trend: up
For the long term Traders: buy on dips
For Aggressive Traders: SHORT ON HIGH, LONG ON DEEPS
Support: 7400-7900
Resistance- 8100-8300
Duration: 4-5 Days
BANK NIFTY FUTURE
Just like nifty bank nifty is running in a channel in weekly
chart, and taking resistance from 18000 level, we can short bank nifty from CMP
for the target of 16500 our SL will be 17500. If we talk about quarterly
results of the banks just SBI has presented a good result but PNB and Bank Of Baroda’s
results was below estimations. Now all eyes will be on Bihar elections results.
Call: Short
CMP: 17315
Initiation Level: 17100
Book Profit (Level 1): 16900
Book Profit (Level 2): 16520
Stop Loss: 17500
Conviction Level: moderate risk
Reasoning- strong support has been broken
Short term Trend: Recovery
Medium Term Trend: up
For the Traders: buy on deeps
For Aggressive Traders: sell on rise
Support: 16600-16500
Duration: 4-5 Days
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