strategy on nifty
Virendra Kumar of CNBC-Awaaz says that its resistance zone is 15836-15868 and the larger resistance zone is 15910-15944. The base zone is 15710-15690 and the larger base zone is 15661-15641. Stay in the range, avoid taking trades outside 15860-15710. The Dow tried to break out of consolidation yesterday. FIIs have bought index futures yesterday after several days. Buy near 15750-740 and exit at 15840-15860 level. Do not go long till it closes above 15910. Do not take short until it closes below 15661-664.
strategy on nifty bank
Virendra Kumar says that its resistance zone is 35290-35390. The major resistance zone is 35550-35720. The base zone is 34710-34650 and the larger base zone is 34550-34440. Bank Nifty has touched both ends of the range 35215-34750 yesterday. Trade this range, Bank Nifty is also technically weak compared to Nifty. Big short will open below 35700. Then it is possible to have 34500 and 34440 as well.
Today’s Trading Calls
BUY BERGER PAINTS @ 808 SL 802 TGT 830
BUY SIEMENS ARND @ 2030 SL 2005 TGT 2070 /2120
Religare Broking Limited
BUY CUMMINSIND @CMP(900) SL 865 TGT 970
SELL RBL BANK @CMP(210.5) SL 216 TGT 198
BUY CUMMINS IND @ CMP 899 SL 872 TGT 950
BUY SRF @ CMP 7276 SL 7050 TGT 7720
Anti dumping duty imposed on selected plywood
Action will be seen in the shares of plywood companies today. Anti-dumping duty imposed on selected plywood imported from Vietnam till March 2022. At the same time, the duty on Viscose Staple Fiber has also been increased till 31 October.
June auto sales figures to come today
Auto ancillary shares will be in action today. Today the June auto sales figures will come. Expensive petrol and rising prices may have an impact on demand. Weakness is expected in CV sales but tractor sales are expected to remain strong.
Brent crosses $75 ahead of OPEC+ meeting
The market will keep an eye on OPEC+ meeting today. A decision can be taken to increase crude production. Before the meeting, Brent has again crossed $ 75. Today OMCs, paints, tires will remain in sharefocus.
Expiry possible between 15700-15800: Poll
The market will keep an eye on the weekly expiry of Nifty and Nifty Bank today. According to 50% experts in Awaaz Traders Poll, the expiry of Nifty can be between 15700 to 15800.
SPICEJET’s Q4 results weak
SPICEJET’s results were weak in the fourth quarter. There was a loss of about 250 crores. The board has given approval to raise capital of 2500 crores and to separate the cargo business. The same VODAFONE IDEA has presented weak figures. In Q4, the company has lost more than 7 thousand crores and the ARPU has come down from 121 to 107 rupees.
Global cues mixed for the market
Global cues appear to be mixed. Asia has got off to a sluggish start but SGX NIFTY and DOW FUTURES are witnessing slight strength. In the US yesterday, the S&P 500 again made a new peak. DOW also closed higher by more than 200 points.
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