Tuesday, April 26, 2016

Markets Look Robust - Keep on Long Side

Last trading session Nifty closed at 7855. We need a positive close today for Nifty to close at 8000 in this expiry on Thursday.

Today Nifty should open down. As of publishing this post :
  • SGX Nifty is down by 30 points
  • Asian markets are mixed
  • Oil is up
  • Dow had closed down by 26 points
Nifty should take support from its support zone of 7800. I had indicated this support area in my earlier post here. Relevant statement from this post is reproduced below :-

"Worst case scenario for Nifty is that it can drift down to 7800. There Nifty should find support in today's trade."

Call-to-Action

We have 2 open long positions of May Futures. In these scrips, take following actions in trade today :-
  1. Albk May Fut to be sold at 60/60.5. It was bought at 58 and initial target given was 65. It was bought yesterday.
  2. Bankbaroda May Fut to be sold at 162/163. It was bought at 159 and initial target given was 180. It was bought yesterday.
We have 2 open long positions of Apr Futures. In these scrips, take following actions in trade today :-
  1. Bankindia Apr Fut to be sold at 99/100. It was bought at 98 and initial target given was 120.
  2. Hexaware Apr Fut to be rolled over to May futures.