Nifty at make or break level

8888

Nifty Future CMP 8700.35 (-04.80) on Friday trade, Last week nifty future price took support and jumped from the support of 100 DMA of 8519.80 and locked in gain of 95.25 points on WoW Basis.

Last week our Nifty option tips of 8600 call option gives our client a robust return of  around 220 %, Option premium make a peak of 146.50 from 44.00-45.00

Nifty Future Tips: – Long nifty future at 8523 made a high of 8728.20.

For Coming Week,

On charts nifty is trading in downward trading channel and facing significant resistance at 8750. On closing basis above 8750 nifty may show a bull rally to 8800-8880. On down side nifty hold decent support at 8640, closing basis below 8640 it may further correct down to 8580-8500.

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Will Nifty hold or slip below the level of 8550 on Monday Trading?

Nifty Future CMP 8605.10: – Nifty future is trending downward and has immediate support at 8550, crossing and sustaining below this level for 15 min, it may further correct down to the level of 8510-8470. Nifty future shown some recovery on Friday on account of short covering and if continue to hold the current level of 8611 it may try to test the level of 8640-8690 on the higher side.

 

 

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Nifty range bound may take resistance at 8820.

On charts, Nifty is trading in declining trend channel with major resistance at 8820.

For Thursday trading, Market may trade in a range of 8660-8785. One should accept the strategy of buy on low and sell on high in Nifty. Nifty may take resistance at 8845-8885 and hold important support at 8680-8640.

Infosys 2nd Quarter result to be out on Friday 14th Oct 2016.

 

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Market Eye RBI Policy, Interest Rate sensitive sector is in focus.

RBI Policy will be the trigger for the market sentiment in the coming week. Nifty close in Red with 220.40 points down at 8611.15 on WoW basis. For coming week a cut in the interest rate may give a positive move to the market to retest the level of 8710 and 8840 and as a vice versa Nifty hold crucial support at 8470, a decisive breakout of 8470 with the volume may push down nifty to the level of 8350.

On derivative front Nifty cover some losses on Friday on account of short covering along with Bank Nifty shows some long built up with respect to interest rate decision.

For Monday, Traders may enter the trade around 8570-8590 with stop loss of below 8520 for the target of 8635-8685.

 

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