Friday, 25 May 2018

Market update and Outlook for Friday Market, 25th October, 2018

Thursday update and trendsetting for Friday Market, 25th May,2018.

Indian Market Seem to be in habit of following Dow and Dax for initial clues and later on following the index on bases of selective buying and selling.
Observe Algo trading is getting more space than retail resulting stop losses ar hitting before the sideways.
Our Market given gap up opening today following globale clues and later on filled the gap before taking further surge on base of short covering just on bases of DAX bullishness.  
Sector wise strong support and recovery seen in IT, Consumer and sharp correction seen in refinery and aviation. 
Nifty has closed in continuity of yesterday recovery and before closing short covering seen in banking and oversold stocks and before closing 10513 made high of 10535, which has made hammer style pattern in continuity of bullish reversal pattern of wednesday clsoing.
Now Nifty would have all target gunning for 10570/ 10617 and 10675 with stop loss of 10417, however Nifty would more selling pressure on breaking 10417 to 10374/10300!
Banknifty is now looking for 26100/26173 with support 25760 followed by 25500.

Max call open interest seen at 10800 followed by 10700 and 11000 strike prize.
Call writing was seen at the strike price of 10,700, which added 6.09 lakh contracts.
Call unwinding was seen at the strike price of 10,800, which shed 6.03 lakh contracts; followed by 11,000 strike, which shed 5.66 lakh contracts and 10,500 strike, which shed 4.6 lakh contracts.

Max Put open interest seen at 10500 followed by 10400 and 10000 strike prize.
Put unwinding was seen at the strike price of 10,700, which shed 0.9 lakh contracts; followed by 10,600, which shed 0.77 lakh contracts and 10,800 strike which shed 0.75 lakh contracts.

will be posting soon on result and stock need to be in focus.

observation: Emmkay_Ra


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