Wednesday, August 17, 2016

MARKET CONSOLIDATING, BUY AT DIPS, BREAKOUT EXPECTED IF BANKNIFTY CLOSES ABOVE 19070

LAST DAILY RECOMMENDATION:
IN BeariSH MOMENTUM: ADANIPORTS HIT FIrst TGT 270 MADE A low  OF 266
LOT SIZE: 2500
DAILY TOTAL PROFIT: 22500 IN JUST ONE LOT
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We continue to see considerable call buildup around the 8700 levels, this suggests that smart money may not be betting on a big rally to take the markets much higher above 8700 in the near future. PCR ratio is around the 0.91 levels which could also mean overall retail outlook is still positive and most retail participant expect the markets to move up from this juncture." Indian Stock Market was open negative. Technically, Indian Stock Market entered into positive trend. Market is still in consolidation phase and would see sharp breakout once BankNifty closes above 19070 levels. If Bank Nifty manages to close above 19070, then the next target would be 19300-19500-20000 levels in days to come. Some sharp correction would be seen but traders should buy at dips and sell at positive rally near resistance levels. Once BankNifty breaches levels of 19070 by closing then traders can go long with full quantity and enjoy huge profits
TOP GAINERS: Tata Steel, Coal India, Aurobindo Pharma, Bajaj Auto, Hero MotoCorp
TOP LOSERS:  Adani Ports, TCS, Tech Mahindra, Power Grid, Infosys and Idea Cellular

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