Nifty closed the day at 5137 up by 3.60 points. Nifty February Future closed at 5148.10, premium of 11.1 points.
- FII bought in index options, and cash but sold in stock futures and index futures (Net buy 796.2 Crore)
- US market ended Flat.
- Global cues are flat to Positive.
- SGX nifty is Negative as of now.
- Most Active March Nifty Call Option: 5100 and 5200.
- Most Active February Nifty Put Options: 5000 and 5100.
Last Week Nifty remains in consolidation zone after making “Three White Soldier” in preceding week. Important point to note on weekly chart is that open and low was same, which suggests sentiments in near term looks well. Detailed study of Weekly chart suggests that Nifty is trading in a horizontal price channel Pattern, upper zone ends at 5310 level, crossing which provide real Bull Run in the market. Daily RSI is suggesting strength on chart where as MACDh is showing some sign of weakness, over all technical scenario favors bull as long as nifty is trading above 5050 level.
Current Spot: 5137.00
RSI (7 days): 78.31
Supports: 5120 - 5103
Resistance: 5156 - 5175
Option Open Interest
Buy Nifty above 5150 - 5164 - 5187 - 5207 SL - 5144
Sell Nifty below 5137 - 5127 - 5106 - 5084 SL - 5149
Option & Futures Call
Buy Nifty 5100PE at 48.5 for targets of 53, 66 SL of 45 (1-2 Days)
Stock was consolidating in the range of 238-249 from late February, on Friday stock has formed “Long White Candle” bullish candlestick pattern with strong volume, which suggest up move is likely to sustain. Daily RSI, Stochastic has given positive cross over to signal line and MACDh has given strong buy signal. Weekly RSI also featuring in bullish zone. Looking at all above technical parameters trader with moderate risk appetite can consider Buy above Rs256. with tight stop loss of Rs.249 for a Target of Rs.270.
Stock Ideas for the Day
Reliance Industries: Buy above 1028 for targets of 1031, 1039, 1048 SL of 1020
Reliance Industries: Sell below 1016 for targets of 1011, 1006, 996 SL of 1027
Sasken: Buy above 184 for targets of 187, 192 SL of 180
Cairn: Buy above 277 for targets of 280, 285 SL of 273
IndraMedico: Buy above 45.5 for targets of 48.5 SL of 44.8 (One Week)
Dhampur Sugar: Buy above 80 for targets of 85 SL of 78 (One Week)
The first rule is not to lose. The second rule is not to forget the first rule - WB
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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