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This page is normally updated between 08.30 Hrs - 09.00 Hrs morning on Trading Days

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Market Outlook  12 February 2016               some interesting links >

Nifty (6975.35,-239.35, -03.32%):

Carnage on Dalal Street! Or, carnage the world over! FIIs are again selling big time—more than 11 billion rupees worth of securities they sold during the last session. In our view, first we could see a dip to sub-6900 levels, and a short term bottom might happen; from that bottom we could well see a sharp short covering rally since the rampant selling of call option for much lower premium seems to suggest these call option writers could get trapped if such a rally were to happen.

- Most critical levels of the day – 7021 (upside) and 6900 (downside)

- Strong support: 6900 - 6865

- Strong resistance: 7480 - 7524

- Major support: 6813 - 6780

- Major resistance: 7100 - 7151

Bank Nifty (14028.55, -559.90, -03.84%):
Bank stocks faced a deluge of supply pressure during the last trading session; the selling pressure got magnified after the results of 3rd quarter for SBI came in. This led to beginning of the quick bailing out of the Nifty 7100 and thereafter the coveted Nifty level 7000-mark as well in short duration—meanwhile, during this time we saw rampant call writing in both the indices here and also for a number of bank stocks for not so large premia notwithstanding the high volatility. These hurriedly written call options could well become the right arsenal that might be used by the bullish counterattack. While we expect a short term bottom to be in place today but we also want to state clearly that a final bottom for the current bear market is likely around mid-May this year. However, a small intermediate can always happen.

- Most Critical zone for the day: 14220, its immediate resistance zone

- Strong resistance: 14353 - 14402

- Strong support: 13969 - 13850

- Major resistance: 14588 – 14780 - 14950

- Major support: 13500


Note (1): Either on the long side or on the short side if at any moment a counter is not moving beyond an initial or interim target to the final target book profits. Once initial target is crossed, you can use that as your trailing stop-loss level.

Rajat K. Bose
Notes (2): (please read).
* All prices relate to the NSE, unless otherwise mentioned.
* The Outlook is based on the previous trading day's price activity
* The call is valid for the next trading session only unless otherwise mentioned.

Stop-loss levels are given so that there is a level below/above, which the market will tell us that the call has gone wrong. Stop-loss is an essential risk control mechanism; it should always be there.


Book, at least, part profits when the prices reach their targets; if you continue to hold on to positions then use trailing stops to lock in your profits.


Don't chase a stock, if you are unable to buy a stock because it hits circuit levels on successive days, don't buy that.

* The analyst and his clients may or may not have positions in the securities mentioned above.
Trading involves considerable risk. Trade at your own risk to the extent you are comfortable. The analyst shall not be responsible for any losses incurred for acting on these recommendations.
Rajat K Bose

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