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Sensex: 31258.8 -265.90 Gold: Rs.29311.00
Nifty: 9754.35 +0.00 Silver: Rs.39101.00
3M Team
 Type : Equity | Source: IndiaNotes.com | 21 Aug 2017
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Daily News Letter  :  21st    August - 2017

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Market likely pull back

Towards 9940-9950 after Hammering

But cautious approach at every higher levels

With condition – Yesterday low sould not break

  

   

Market Out LooK

On Friday market tanked almost 100 points due to global que and Infosys  but due to short covering and fresh buying emerged and able to closed near to opening level which indicate lower level short term support established and Monday likely pull back rally .  However, consolidation in trading range continue in market . 

Nifty Spot

After tested Friday low 9783 smart pull back saw and closed  near to opening level.  Time being we may consider Friday low is a support level and holding these level up side towards 9880-9000-9940-9950 cannot be ruled out, on the lower side, break support level 9775 nonstop target 9700-9710 likely.  In Future Segment Highest put hold 9800 i.e. 59.31 lacs followed by 9900 31.22 lacs and Highest call 10000 strike price  - 60.60 lacs. So trading range visible 9800 to 10000 in August series. 

Nifty Future

Consider support 9790-9800 and resistance 9900 thereafter 9950 watch out.

Bank Nifty Future

Last two trading sessions, heavy sell off saw  in 24500 level and simultaneously support visible around 23900-24000.   Higher level to sell side with consider major support 23800-23850 range and it should not break.

PSU  BANK

INDEX

Trading range continue, but SBI and BOB looks good and more short covering in coming days.

 

 

 

FO  DATA ANALYSIS

Long Side

 PC Jewelers, ACC, TCS, HUL 

Short Side

Infosys, Zee, Reliance Infra

Infosys

Heavy fall and short saw in this  counter and mor than 1 crore shared added in OI in short side.  So any rise to sell side. Concentrate Call and Put and make money.

 

 

 

TRADE FOR TODAY……….

 

 

Nifty Future

Hold yesterday low, intraday  bounce back.

Bank Nifty

Hold 23900  some pull back rally

Reliance

Buy on decline

HDFC

Ready for big move. Last week OI spurt 23% week to week basis which is long side.

Hexaware

Start performer of last week and likely continue. OI spurt 64%

BEL

Positive bias continue and remain long side

Bhart Financial

Ready for big move, buy on decline.

HUL + ITC

Short covering counter.

PC Jewellers

Terrific move from 250 to 370 in short span of time.

Motilal Oswal

Ultimate target 2000  +  buy and forget.

SBI

Continue respect 200 DMA 275-276 range,  hold till date, no short sell, and likely short covering.

Tata Global

Very cheap at current price also. Multiyear break out already given.

 

ON GOING TRADE

 

 

Bank Nifty

Opening Bell buy call at 24000

Nifty

Buying call at 9800-9810  .  Thursday sell covered .

Hindalco

Sell call at 232.50 stop loss 233 target 227  achieved

VEDL

Sell call at 305  covred at 297

BPCL

Long call full booked profit at 510

SBI

Holding long continue with small stop loss.

Infoys

Sell call b elow 960 target 900  achieved.

 

 

 

 

 

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DISCLAIMER : Stock trading involves high risk and one can lose Substantial amount of money.The recommendations made herein Do not constitute an offer to sell or solicitation to buy any of the Securities mentioned. No representations can be made that recommendations contained herein will be profitable or they will Not result in losses. Readers using the information contained herein are solely responsible for their actions. The information is obtained from sources deemed to be reliable but is not guaranteed as to accuracy and completeness. The above recommendations are based on technical analysis only. NOTE WE HAVE NO HOLDINGS IN ANY OF STOCKS RECOMMENDED ABOVE