Market Strategies for Wednesday, September 19, 2018 from Share India Securities Ltd.
"PSU banks invited a fresh round of selling pressure, disappointed by announcement of merger of 3 banks, Nifty plunged another 98 points to end at 11279 . Nifty continues to experience large drops as no developments bring any cheers or solace to the market which have been witnessing high volatility. The big black candle formation and close near the lower end of the current fall, coupled with extremely negative sentiments for PSU banks indicates markets may continue to experience weakness with last week low of 11250 in danger of being violated. Below 11250, the index is expected to test 11170. On the higher side, 11340 remains a crucial resistance. Nifty needs to close past 11340 to show some corrective upside." - Mr Abhinav Gupta, President, Capital Markets, Share India Securities Ltd.
NIFTY - 11278
Sell blw 11250 s/l abv 11320 Tgt 11170-11140
BANKNIFTY - 26441
Sell Bank Nifty blw 26400 S/l abv 26600 tgt 26100-26000
HDFC1 Fut -Sell
VEDL1 Fut -Sell
NCC1 Fut- Sell