TRADE IDEA ON LT FUTURE FOR 01 SEP 2016

 “BUY LT ABOVE 1525 TGT 1545/1565”

LT  is showing correction since past few sessions and also sustaining above lower trend line support level 1420. Currently it has formed reversal pattern on the short term charts and trading below the resistance level of 1525.Breakout of its resistance level may show recovery in it where traders can expect targets of 1545 and 1565 while major support of 1500 can be placed as technical stop loss.

CANDLESTICK view: bullish after bottom gap up

The first two black days and the gapping down third black day create a market with an extended downtrend. The fourth day is a strong white day that shows there might finally be some weakness in the decline. The fifth day gaps up and closes near its highs creating a strong white candlestick. It now appears that the market overextended itself to the downside and a reversal of the prior trend has begun.

Nifty settles above 8,750 mark ,Market Enters Into Bullish Trend, Go Long At Every Dip In The Market

Today, The  Sensex ended with a gain of 109 points at 28,452. The  Sensex opened at 28,372 touched an intra-day high of 28,532 and low of 28,363.The  Nifty closed with a gain of 42 points at 8,786. The  Nifty opened at 8,754 hitting a high of 8,819 and low of 8,754.Now Technically, Indian Stock Market is in positive trend and traders should go long at every dip in the market. Traders can hold long positions in market for now, Nifty may see some immediate resistance at 8867-8888 levels but these are not very strong resistance and overall market sentiments would remain positive. Every correction would be an opportunity for traders to go long in the market. Near term targets for Nifty would be 8900-8950-9000 levels and BankNifty would see levels of 19800-20000 levels after some consolidation.

US Fed outcome would play major role in deciding the further movement but for now trade is to go long at every dip. If BankNifty closes below 19500 levels And nifty closes below 8750 levels. Once this range is breached on negative side, BankNifty may see downfall upto 19000-18500 levels and nifty upto 8600/8500 easily. Traders can go for short with given levels. with Strict stoploss 19500 levels for BankNifty and of 8702 levels for Nifty.

TOP GAINERS: Tata Motors, Hero MotoCorp, Dr.Reddy'sLupin, L&T

TOP LOSERS:  ONGC, NTPC, TCS, Tata Steel, Coal India and RIL