Nifty future after making a high of 10351 in opening minutes of the trade started retracing and didn’t cross the high for the entire day signaling a tempory top may be in place. The main contributor to this move was the PSU banks and ICICI bank. SBI and ICICI Bank contributed almost 133 points and the private sector banks, namely the HDFC Bank, Kotak Bank and HDFC together had a negative contribution of 76 points approx.
Now it appears that Nifty Future is poised for a correction of the rise from 10107 to 10351.
The day traders can buy it above 10320 with a stop loss of 10289 for a target of 10375 and sell it below 10284 with a stop loss of 10319 for a target of 10221.
Today is the last day of the current settlement I am not recommending any positional trade.
For further trades or queries,
write back @ email@example.com
The author(s), or a member of their household, of this report, does not hold a financial interest in the securities of this company. The author(s) has followed “blackout periods” that prohibit analysts from trading securities of the companies they follow for 30 days before and 5 days after they issue a research report about the company, and prohibits analysts from trading against their most recent recommendations—subject to exceptions for unanticipated significant changes in the personal financial circumstances of the beneficial owner of a research analyst account. The author(s), or a member of their household, does not serve as an officer, director or advisory board member of the subject company. The author(s) does not act as a market maker/promoter/beneficiary in the subject company’s securities. The information set forth herein has been obtained or derived from sources generally available to the public and believed by the author(s) to be reliable, but the author(s) does not make any representation or warranty, express or implied, as to its accuracy or completeness.