6 December 2017

RELIANCE OPTION & SAIL FUTURE CALL FOR 7 DEC 2017

“BUY RELIANCE 960 CALL @ 12.5 TGT 16.5/22.4”

“SELL SAIL FUTURE BELOW 76.5 TGT 75.8/74.8 SL 77.4”
The Market posted a biggest drop after the announcement of RBI kept repo rate unchanged to 6%. RBI Governor Urjit Patel said the credit flow is already better than last October also lower FY18 economic growth forecast by Fitch Ratings and ABP News CSDS opinion poll indicating tough fight for the BJP in Gujarat also dampened market sentiment. The state is slated to go to polls in two phases — on December 9 and 14. Results will be declared on December 18.The Nifty future settled below its crucial psychological level of 10100. Index future has opened at 10111 made a high of 10126 and low 10052 finally closed at 10074. The Sensex was down 205 points at 32597 and the Nifty Bank plunged 273 points at 24942.
Pullback rally is expected in tomorrow’s sessions. Tomorrow, a decline below 10050 expected and also suggested to sell Nifty future if conditions matched for same targets below 10000. Going forward, the immediate support for the Nifty is placed at 10030 and 9975 levels. On the flipside, resistance is seen at 10100 and 10130 levels, but the major hurdle is in the 10150-10175 region and till such time that this region is taken out, any rally may be considered as a pull back or of corrective in nature.
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Resistance: 10100, 10150, 10200
Support: 10075, 10050, 10000

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