Wednesday 3 January 2018

Nifty Likely To Head Towards 10650-10700; 5 Stocks Which Can Give Up To 19% Return

Posted by suhani varma on Wednesday, January 03, 2018 with No comments



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On the technical grounds as far we are maintaining above 10200 spot levels current trend is likely to continue towards 10650-10700 moving forward.Overall derivative data indicates long rollover to January series. Derivative data indicates bullish scenario to continue with Nifty having multiple strong supports at 10,400 and 10,300 spot levels.

We might witness short covering on every dip. In the January option contracts, we are seeing options open interest (OI) building up in 10300 and 10400 puts.

On the higher band, 11000 calls strike to hold the maximum open interest with more than 44 lakh shares. From the option data, we have been seeing a shifting of the range towards upper band which reflects that market undertone is likely to remain bullish with the support of consistent FII buying and short covering.

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