NIFTY FUTURE + BANK NIFTY +CNX IT

: Nifty Future :

Break 2700 selling pressure

Today resistance 2850

EXPERT COMMENTS:

Significant volatility had been found in market today. A see saw movement of the market emphasize the traders to follow the hedging strategy. Nifty PCR is showing down trend means more call activity was happened than put activity. But it should not be misguided as a bullish trend because immense call writing was seen in nifty 3100, 3000 and 2900 while put buying was seen in nifty 2700 and 2800. On the basis of the above figures we can say that in current scenario nifty is following a very strict resistance level of 2900 and 3000 and the support is 2800 and 2700. Index scrip Reliance has shown a significant movement today in cash as well as in future and options, on one hand it is showing long position in cash segment and on other hand call writing was seen in Reliance 1110, 1080 & 1140 call. We are assuming that hedging strategy was following by the traders in Reliance which indicates that in coming days volatility will be increased. Tata steel and Suzlon have shown a significant short position so we can presume that short covering may find in those scrips

NIFTY :    Monthly trend decider 3053, resistance 2854, support 2106 . Higher level major resistance 3240. Today it will face resistance 2850, crossover target 2900 2920, down side support exit 2750, 2710, thereafter more panic. Weekly trend decider 2919, resistance 3068, support 2660 2511.

BSE :  Weekly trend decider 10180, resistance 10729 11494, support 9415 8866 Today resistance 9500, down side below 9297, immediate target 9100,9000, thereafter.. Weekly trend decider 9741, resistance 10215 11044, support 8912 8438. Major support 8739.

CNX IT : Today resistance 2482-2500, below 2410 further weakness. Weekly trend decider 2550.

BANK NIFTY :
Today support 4600, higher level it will face resistance 4771, thereafter it can move up to 4850-4900. Major resistance 5430.
Weekly trend decider 4900.

DOW : Last and final support 8000, thereafter heading towards 7200, close below it will show real panic, hgher level resistance 10000

RELIANCE: .
Monthly trend decider 141 Strong movement were seen in this counter. As remain hold yesterday low 1086, it will move up to 1200 mark. Today above 1150 target 1208. Higher level major resistance 1250.
Weekly resistance 1182 resistance 1277 1403, support 1055 960. Major resistance 1350-1400.

NTPC : Monthly trend decider 146. Higher level major resistance 155-165 and selling opportunity. Today support 145, it will face resistance 154. Weekly trend decider 154, resistance 162 174, support 142 134.

HDIL: 
Monthly trend decider 136. Short covering were seen. Consider support 105 and decline buying opportunity, crossover 121, more up side and target 131 mark. Weekly trend decider 119 resistance 130 143 support 106 95.

PUNJ LLOYD : Monthly trend decider 206 . It will face resistance 188, 193, down side support exit 180. Weekly trend decider 192 resistance 206 230 support 168 154.

TISCO:   Monthly trend decider 270. Today resistance 180, below 170 target 162, 156 or below. Weekly trend decider 186, resistance 203 233, support 157 140 Accumulate at lower level. Down side support 157 136.

STERLITE :  
Monthly trend decider 298 Long term investors take delivery of this cash rich company.......no panic please

BANK OF INDIA:       Monthly trend decider 250 Down side 270, 265 are a good support, hold target 293-300 mark in few session. Weekly trend decider 275, resist5ance 286 294, support 268 257

ICICI BANK  :  Monthly trend decider 416.
Higher level resistance 425-430, below 400 weakness continue. Weekly trend decider 418, resistance 451 509, support 361 328.

TELCO: 
Monthly trend decider 220. Today resistance 143, likely test 131, thereafter more weakness