Nifty Forecast/Outlook for 28th Feb 2018:
Index forms bearish pattern in the charts as nifty opened near the highs of the day and closed near the lows of the day. Nifty was facing resistance near the 10,600 levels after seeing a gap up open of 30 points.
Nifty today closed near the 50-Day EMA placed at 10,550 levels by losing 28 points for the day.
In the derivatives segment, FII’s have bought 783 crores in index futures and also bought 1016 crores in index options .Nifty futures is trading with only 10 points in the premium indicates the not much bullish bias in the market.
Nifty is trading in a range 10400- 10700 so one can buy nifty around 10,400 and sell nifty near 10,600 till nifty closes above or below this range.
Looking at the current set up bank nifty is weaker than nifty. We are expecting nifty to test 10,400 levels again before starting the fresh rally.
Nifty target for tomorrow 28th Feb 2018:
Nifty upside target will be 10,600 and on the downside 10,500 levels can’t be ruled out. Nifty supports are placed at 10,500 and 10450 whereas resistance are at 10,560 and 10622.
Nifty contributors and intraday movement of 27-Feb-2018.
Only 21 of 50 nifty stocks closed in the green. Ambuja is the top loser by 4.39% and Dr Reddys labs is the top gainer by gaining 1.92 %.
Opening: 10,615.20; High: 10,631.65; Low: 10,537.25 Closing Price: 10,554.20(-28.30)
Nifty 22 Feb 2018 Expiry Futures closed at 10,564.05 (-36.40)
Nifty Mar 2018 Expiry trading range: Nifty expected to trade between 10,400 -10,700 levels.
Positional Nifty Call for 28 MAR 2018 Expiry Strategies:
New Positional Calls for Nifty:
- Position Recommended on 28-Feb-2018: Buy Nifty MAR Expiry 10,700 PUT @Rs220 for a target of 350 with stop loss at 130.
- Position recommended for 28-Feb-2018 : Sell Bank nifty futures and Buy nifty futures for a target of Rs .15000 with a stop loss of Rs. 8000
Visit our website on 28-Feb-2018 9.30 PM to get the nifty view for 1-Mar-2018.