Positional Calls 8th November 2017

8th November 2017
Market likely to open flat; Sell around 10370-10380: In yesterday’s trading session markets opened higher, but started witnessing selling pressure after the first few minutes in trade. 

The index failed to cross its lifetime high of 10490.45 as selling intensified with traders choosing to take profits off the table even before selling in most pharmaceutical stocks aggravated the selloff, thereby dragging the index lower by more than 100 points. The index ended up forming a bearish candlestick which has now engulfed most of the gains of the last four trading sessions, suggesting weakness.

 Going into today’s session, intraday traders are advised to trade with caution as volatility is likely to prevail. Nifty has its immediate support around 10300-10280 below which 10260-10240 will act as next supports. Whereas on the upside, immediate supply in the Nifty can be seen around 10400- 10420 crossing which the index could witness some stiff resistance around the lifetime high levels around 10490- 10520

Positional Calls

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