Technical view: Nifty saw strong support @ 9120 which will act as a bottom while 9200 will be the resistance on the upside. Bank Nifty also saw strong support @ 21550 while 21850 will act as resistance on the upside.
Trading ideas (Time period: 1-3 days)
GAIL (Buy Above 395, for Target of 413, Stop Loss at 385): After consolidating for over five weeks, GAIL has finally broken out from a Pennant pattern. It is a classic continuation formation which indicates that the primary uptrend is likely to resume again. The stock has convincingly broken out accompanied with smart pick up in volumes. Other momentum oscillators also indicate that the current upswing is here to stay.
Derivative strategies (Time period: Till expiry)
Buy ZEE ENT April Future 521-523, Stop Loss 511 and Target 530-532.
In the last trading session, markets ended on a flat note. Nifty OTM call option strikes witnessed continued short selling, indicating of a selling pressure at the higher levels.
Indiabulls Real estate shimmered throughout the day posting mammoth 40% gains. Historical volatility surged up by 150%, indicating continuation of these wild swings in this F&O series.
FIIs were net sellers in cash market segment to the tune of Rs 251 Cr.
FII’s index future long/short ratio at 2.7x.
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