From the last few trading sessions, we have seen negative bias trading but with low volume in Nifty as well as Bank Nifty. Today, Nifty futures settled slightly lower with a loss of 0.08% at 15709.85 while Bank Nifty settled slightly higher with a gain of 0.14% at 35320.
There is continuous pressure from FII in the cash segment. They sold more than 4256 crore value of stocks in the month of July however they sold almost 22500 cr value of stocks in the preceding four months. DII’s are net buyers in the last four months. Nifty and Bank Nifty put-call ratio is trading around 0.87 and 0.71 respectively.
Nifty Futures
Nifty futures stuck in the range of 15580—15960
Intraday, Nifty futures has support at 15630—15580 whereas resistance at 15860—15930—15960
Momentum traders can take a small risk and buy Nifty futures around 15630 with stop loss below 15580 for the upside target of 15690—15740 and then to 15860 levels too.
Fresh downside panic we will see on a close below 15580 levels only
Nifty movement is only for jobbers. Others can wait for confirmation.
Bank Nifty Futures
Bank Nifty futures too stuck within a range of 34900—36000.
In Intraday, Bank Nifty future has support at 35150—34900 and resistance at 35600
Break and sustain below 35150 will take it to 34900. More and more downside panic we will see on a close below 34900 levels only or else it could test its resistance level of 35600 and then to 35850—36100 levels again.
Fresh upside target or can we can that reversal expect on a close above 36100 levels only.
SCHNEIDER
Schneider… Buy around 132—130 as an investment pick for the next 6—8 months.
It has an immediate upside target of 180+++
Therefore, we recommend our subscribers to buy and accumulate Schneider with stop loss below 115 on a closing basis.
Buy Tube Investment above 1105. Stop loss below 1050. Target 1175+++