Buy SBIN 1700 call at 25 SL 20 TGT 40
LTP 21.80 call open
Buy Nifty March 6500 PE at 38 SL 20 TGT 70
profits booked at 42 and then at 49
Buy HUL at 561.55 SL 557 TGT 570
Profits booked at 572
Buy Bata India at 1127 SL 1117 TGT 1147
SL triggered
Buy Idea at 137 SL 134 TGT 144
partial profit booked at 139
Nifty has broken a lot of supports and range today. For the list 1) it has broken out of range on the downside 2) broken supports at 6505 and 6495 3) broken below psychological level of 6500.
So considering this we expect further downside in Nifty. But the downside may be limited to 6420, which suggests that mild short positions can be taken.
CNX IT
LTP 21.80 call open
Buy Nifty March 6500 PE at 38 SL 20 TGT 70
profits booked at 42 and then at 49
Buy HUL at 561.55 SL 557 TGT 570
Profits booked at 572
Buy Bata India at 1127 SL 1117 TGT 1147
SL triggered
Buy Idea at 137 SL 134 TGT 144
partial profit booked at 139
NIFTY VIEWS
Nifty has broken a lot of supports and range today. For the list 1) it has broken out of range on the downside 2) broken supports at 6505 and 6495 3) broken below psychological level of 6500.
So considering this we expect further downside in Nifty. But the downside may be limited to 6420, which suggests that mild short positions can be taken.
BANK NIFTY
Bank Nifty has also broken support levels today (levels of 12050 and 12130). But it has held on to the psychological support level of 12000 with 10 day SMA at 11985. Any further downside can be till 11800 which is a major support.
CNX IT
In our earlier views we had suggested that the correction in CNX IT will be over soon. Compare 1, 2 and 3 in the charts and we need not tell you what we are expecting tomorrow and in days to come. CNX IT can easily trend up to 9500 levels is what we believe.
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