morning thoughts...
Last day we have intimated about a classic sell on mindtree and it saw a crack of more than 100 points
The index is well trading in the same range as we have specified and will continue to do so in the coming session with buy on dips and sell on rallies - however its only valid for intraday trades
On the lower side 10900-950 will act as supports for nifty and 26700-750 for bank nifty whereas resistance is visible at 11050 and 27200 for nifty and bank nifty respectively
So buys and sells for intraday are accordingly to supports and resistances , volatility is traders best friend and the same strategy can be used for making multiple points in index
We have posted a trap chart for nifty and bank nifty and we expect the expected move to kick in fo expiry week
There has been good accumulation of call writing at 11100 and 11200 on nifty and it saw perpendicular unwinding in last hour suggesting the above range and strategy for coming session
With the volatility in index stock specific and sectoral moves will continue and pressure may shift to sectors like auto , selective psu and private banking , omcs whereas some strength is likely in pharma IT , housing and finance companies
The rsi of the index and markets continues to remain volatile at 63 with bcc index at 72 which has declined by 9% as compared to last week
Coming to the commodities segment bullions are likely to see pressure with some buying in energy and base metals
Stocks to watch
Nifty and bank for intraday as per above strategy
Positional as per sharp and big move indicated
Buy bajaj auto 2900 pa
Fo buy bajajfinserv , motherson sumi
Buy ceat 1400 ca
Sell gold , silver
Buy crude , copper , zinc
The index is well trading in the same range as we have specified and will continue to do so in the coming session with buy on dips and sell on rallies - however its only valid for intraday trades
On the lower side 10900-950 will act as supports for nifty and 26700-750 for bank nifty whereas resistance is visible at 11050 and 27200 for nifty and bank nifty respectively
So buys and sells for intraday are accordingly to supports and resistances , volatility is traders best friend and the same strategy can be used for making multiple points in index
We have posted a trap chart for nifty and bank nifty and we expect the expected move to kick in fo expiry week
There has been good accumulation of call writing at 11100 and 11200 on nifty and it saw perpendicular unwinding in last hour suggesting the above range and strategy for coming session
With the volatility in index stock specific and sectoral moves will continue and pressure may shift to sectors like auto , selective psu and private banking , omcs whereas some strength is likely in pharma IT , housing and finance companies
The rsi of the index and markets continues to remain volatile at 63 with bcc index at 72 which has declined by 9% as compared to last week
Coming to the commodities segment bullions are likely to see pressure with some buying in energy and base metals
Stocks to watch
Nifty and bank for intraday as per above strategy
Positional as per sharp and big move indicated
Buy bajaj auto 2900 pa
Fo buy bajajfinserv , motherson sumi
Buy ceat 1400 ca
Sell gold , silver
Buy crude , copper , zinc
