Wednesday, April 27, 2016

Markets May Laze - Look Out For 8000 In Nifty

Yesterday in morning post I had remarked the following in this post :

"We need a positive close today for Nifty to close at 8000 in this expiry on Thursday."

Nifty had taken support near its support zone of 7800 as was suggested by me.Nifty closed up 107 points at 7962 yesterday. Will we then see Nifty reach 8000 in trade today as predicted? That will be an interesting thing to watch for in Nifty today.

Today Nifty should open down. As of publishing this post :
  • SGX Nifty is slightly up by 10 points
  • Asian markets are mixed
  • Oil in global market is up
  • Dow had closed mildly by 13 points
Market Direction
Nifty should open flat today. It will be difficult trade in Nifty since there will be volatility for reasons given below:-

  • Tomorrow is expiry day for April derivatives contracts in Indian markets.
  • Bank of Japan will give its monetary policy tomorrow.
  • US Fed will come out with it's own monetary stance on rate hike today

Buy following banking scrips of May Futures:-
  1. SBI May Fut buy at 199/200. Target 206
  2. Bankbaroda May Fut buy at 160/161. Target 166
Bank of India Apr Futures buy position is held with us. This needs to be squared off by all means, since tomorrow there is expiry of April contracts. Take following action in trade today :-

Bankindia Apr Fut to be sold at 99/100. It was bought at 98 and initial target given was 120.

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