Nifty closed the day at 5080.25 down by 7.85 points. Nifty February Future closed at 5079.55, discount of 0.7 points.
- FII bought in index options and cash but sold in index futures and stock futures (Net buy 1011.5 Crore)
- US market ended in Green.
- Global cues are flat to Positive.
- SGX nifty is Positive as of now.
- Most Active March Nifty Call Option: 5000 and 5100.
- Most Active February Nifty Put Options: 4900 and 5000.
As described in yesterday’s news letter we saw profit booking at higher level after appearance of “Three White Soldier”. On moving average front 20 days EMA is reducing gap between 50 days EMA which is a good sign for bulls. Daily Momentum indicators are featuring in bullish zone but Stochastic is hovering over bought zone which may invites selling pressure at higher level. Over all technical scenarios is bullish, so buying on dips strategy works well.
Current Spot: 5080.25
RSI (7 days): 78.15
Supports: 5054 - 5027
Resistance: 5102 - 5123
Buy Nifty above 5085 - 5095 - 5111 - 5135 SL - 5071
Sell Nifty below 5066 - 5060 - 5037 - 5021 SL - 5076
Option & Futures Call
Buy Nifty 5000CE at 80.6 for targets of 88.7, 97.3 SL of 75.3
Stock Ideas for the Day
Reliance Industries: Buy above 1023 for targets of 1031, 1045, 1055 SL of 1016
Reliance Industries: Sell below 1016 for targets of 1009, 999, 985 SL of 1022
IDFC: Buy above 162 for targets of 165, 168 SL of 158
Yes Bank: Buy above 254 for targets of 258, 263 SL of 249
Astec: Buy above 53 for targets of 54.2, 56.3 SL of 52.1
JP Associates: Sell below 144 for targets of 141, 137 SL of 148
Andhra Bank: Buy above 102 for targets of 107 SL of 100 (One Week)
Sterlite Ind: Buy above 814 for targets of 856 SL of 800 (One Week)
Most people are beaten up by the market instead of beating the market - MARK T. HEBNER
Use strict STOP LOSS in each and every trade in this kind of volatile market and Trade at your own risk.
Thanks and Regards
S&P Wealth Creators
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