February Expiry Ends Above 8900 With A Gain Of More Than 350 Points
MARKET OUTLOOK – 27 Feb, 2017
February Expiry Ends Above 8900 With A Gain Of More Than 350 Points; Nifty Makes New 52 Weeks High, Nifty It Shines Today; Short Term Trend Is Up; Stay Long In Nifty And Nifty Bank With A Tighten Stop;
NIFTY: Nifty opens with a gap up of almost 30 points. The index traded very choppy and narrow in a range of just 55 points. The index closes with a minor gap up of just 12 points. Day’s price pattern was also a candlestick DOJI. The index is making this DOJI from last three trading days. Also prices have made a pattern of NR 7 (narrowest range in last 7 trading days). The pattern DOJI suggests an uncertainty in the market whereas a NR 7 suggests contraction. Markets are very confused as of now and sooner this confusion may resolve and we have already mention in our previous report that 8970 is multiple resistance for the index any sustainability above this level it can move higher upto 9200 mark .On the other hand if index does not cross this level we may see some profit booking in the index. Overall market trend remains up hence we will be net buyer on dips.
BANK NIFTY: BANK NIFTY opens above 20887 near the yesterday close. The index traded very choppy and narrow today and closes with a minor loss of just 28 points. The index is trading very choppy and narrow from last two trading days. This narrow movement suggests a big move is very near. BANK NIFTY is trading very near to its life time highs. The index is facing a resistance near 21000 from last three occasions. If prices break and close above 21000 then we may see an upside move here. Private Sector Banks are outperforming the whole index. We should avoid trading in the PSU BANK and look for buying in PVT Banks only. We are long in the index from 20715. We are advising to tighten the stop at 20600. Exit if prices cross below this stop any time.
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