ZEEL FUTURE TIPS FOR 02 SEP 2016

 “SELL ZEEL BELOW 540 TGT 534/528”

ZEEL  Primary trend of the stock is bullish and is consolidating at the higher level. It is also sustaining above its 50 and 200 DMA with the RSI of 70 on long term charts. Now RSI also gives selling signals. and is forming a reversal pattern in short term charts, it is likely to show correction with the breach of the support level of 540, where one may initiate the short position in it for the targets of 534/528, while stop loss can be placed at 547. . It is expected to continue the bull run with the crossing of the resistance level of 547, One may initiate the long position above the mentioned level for the targets of 552/560 and with the strict stop loss of 540.

CANDLESTICK PATTERN:

The Hanging Man is a bearish reversal pattern. It signals a market top or a resistance level. Since it is seen after an advance, it signals that selling pressure is starting to increase. The long lower shadow indicates that the sellers pushed prices lower during the session. Even though the bulls regained their footing and drove prices higher by the finish, the appearance of this selling pressure after a rally is a serious warning signal. If the body is black, it shows that the close was not able to get back to the opening price level, which has potentially more bearish implications.

MARKETS SNAPPED THREE DAY WINNING STREAK, NIFTY CLOSED ABOVE 8,800 MARK 

Today, Sensex ended with a loss of 29 points at 28,423. The Sensex opened at 28,459 touched an intra-day high of 28,548 and low of 28,387.The  Nifty closed with a loss of 12 points at 8,775. The  Nifty opened at 8,794 hitting a high of 8,813 and low of 8,760.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 20000/20200 levels after some consolidation. 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 for BankNifty and of 8702 for Nifty.

TOP GAINERS: GAIL, ICICI Bank, Tata Motors, M&M, Coal India  

TOP LOSERS:  Bharti Airtel, Wipro, Adani Ports and HDFC Bank