What will be the next move of the market, know the opinion of experts
Rajesh Palviya of Axis Securities says that the daily price action has formed a small bullish candlestick pattern and made a new high of 18,041 which is indicating a positive trend in the market. The next important upper level of Nifty will be 18,050. If Nifty crosses this level then we can see it moving towards 18,100-18,200.
He further said that in case of any weakness, if Nifty slips below the intraday support of 17,850, it can go towards 17,700-17,600.
strategy on nifty
Virendra Kumar of CNBC-Awaaz says that its resistance zone is visible at 18006-18047. The major resistance zone is at 18088-18110. The base zone is visible at 17910-17866 and the larger base zone at 17830-17784. Institutional investors’ numbers are not strong but index longs are accompanied by put writing. According to the weekly option setup, Nifty gave good returns and got support from Nifty Bank. Base at 17800, also put writers’ zone, buy in decline, stay long above 17830-784. There is a trade zone between 18047 and 17830. Take a trade after the initial volatility cools down, Dow futures are under pressure.
strategy on nifty bank
Virendra Kumar says on Nifty Bank that its resistance zone is 38530-38760 and the big resistance zone is 38970-39080. The base zone is 38120-38000. The larger base zone is 37868-37716. Now the bigger driving force, the stronger the option setup. Heavy put writing at 38000, this was the call writers zone yesterday. Stay long with 38000 put, buy downside till 38100. Long live, PSU banks are on the rise. The first resistance zone of 38530 is important, above it will increase further.
TATA MOTORS: 24% jump in wholesales
Action may increase in TATA MOTORS today. In the second quarter, there has been a jump of 24 percent in the company’s global WHOLESALES. Sold more than 2.5 lakh vehicles. The stock has gained more than 21% in the last 5 sessions.
TATA METALIKS profits down
TATA METALIKS’s profit declined by 33% in the second quarter. MARGIN has also shown pressure but there has been a jump of more than 24% in REVENUE.
Board meeting of INFOSYS and WIPRO today
IT giants INFOSYS and WIPRO will have a two-day board meeting from today. The results of both the companies will come tomorrow.
INVESCO raises questions on ZEEL-SONY deal
ZEE ENTERTAINMENT’s big investor INVESCO wrote OPEN LETTER to SHARE HOLDERS and said that the Sony deal will benefit the founders, not the investors. Efforts are being made to suppress the issues of governance through PR CAMPAIGN.
Akasa will fly in the sky soon
Veteran investor Rakesh Jhunjhunwala’s Akasa airline has got the government’s nod. Service will start next summer.
Pressure on Asia, SGX NIFTY and US Markets
Indications from the global market are looking weak. Asian markets are seeing pressure. SGX NIFTY and DOW FUTURES are trading down about half a percent. The US market has slipped before the results. Yesterday DOW has dropped 250 points.
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