Monday, December 5, 2016

morning thoughts...

The markets saw immense pressure in the last trading session after facing resistance at the levels mentioned of 8250 on nifty and 18600 on the bank nifty and the same levels will be stiff resistance for the markets in the coming session with supports around 8005 and 18000 levels respectively.
Technically the markets ought to be in a range and is in a process to make higher and double tops and consequent lower lows and lower bottoms which indicates that any rise will be suspectable and will meet with selling pressure.
However there will be intermediate rise and will test stoplosses on the higher side and it ought to be deeper or else will be stopped out.
The falling pcr and daily moving average is not favouring longs at current scenario with increase in call writers at higher levels with every rise and shedding of puts and increase of put writers at lower levels.
On the lower side 8005 will act as supports , below which 7900-7800 looks viable with a retest of previous bottom and bank nifty below 18000 could slide to 17500 - 17300 levels.
Maintaining the support levels there will be intermittent bounces to 8200 and 18600 levels
Coming to the commodity front positive trade is seen in base metals and bullions with pressure in energy.

Monday wealth gains

Sell nifty and bank nifty on rise
Fo buy adani ports , m & m
Fii buy sun tv 460 ca , tcs 2100 pa
Convert series buy zee 430 pa
Buy gold , silver
Sell crude