Nifty closed the day at 4,914 up by 58.25 points. Nifty February Future closed at 4,902.1 discount of 11.9 points.
- FII bought in index futures, stock futures and cash but sold in index options (Net bought 1297.6 Crore)
- US market was flat to Positive.
- Global cues are flat to Positive.
- SGX nifty is Positive as of now.
- Most Active February Nifty Call Option: 4900 and 5000.
- Most Active February Nifty Put Options: 4900 and 4800.
It touched 4829 (resistance given 4825) before reacting today, and nifty and bank nifty both are nearing bigger resistances. And as budget is in the corner we can expect a bigger move on either side (technically down from resistances).
Supports: The shorter term impulse and longer term corrective is unchanged till 4960-4985 is crossed. Will be wise to book longs and going short with strict s/l. Day's supports are lying at 4870-4840-4805. Below that resumption of the downtrend is most likely.
Resistances: Same lies at 4925-4960-4985. These are all positional target of nifty which is partially achieved. Closing of longs would be a better idea. But in case goes above 4985 and sustains, 5050-5080/85 is possible. Be light with your position and experienced trader can look at hedging opportunity because of special event like Budget.
Current Spot: 4914.00
RSI (7 days): 59.45
Supports: 4871 - 4828
Resistance: 4943 - 4973
Buy Nifty above 4910 - 4928 - 4952 - 4978 SL - 4902
Sell Nifty below 4897 - 4883 - 4857 - 4833 SL - 4907
Option & Futures Call
Buy Nifty 4900PE above 65.5 for targets of 75.8, 89.6 SL - 62
Stock Ideas for the Day
Reliance Industries: Buy above 1032 for targets of 1038, 1045, 1055 SL of 1028
Reliance Industries: Sell below 1028 for targets of 1023, 1013, 1006 SL of 1031
Visa Steel Ltd.: Buy above 283 for targets of 289, 296 SL of 278 (1-2 Days)
JK Cement: Buy above 194 for targets of 199, 206 SL of 187
Hindalco: Buy above 153 for targets of 155.5, 158 SL of 151.2
Amtek India: Buy above 73.5 for targets of 84 SL of 65 (One Month)
Sasken Comm: Buy above 182 for targets of 196 SL of 175 (One Week)
SesaGoa: Buy above 388 for targets of 402 SL of 380 (One Week)
Diversify your investments - John Templeton
Use strict STOP LOSS in each and every trade in this kind of volatile market and Trade at your own risk.
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