Trading calls- 4 July 2016

Nifty 50 & Nifty bank

NIFTY 50
Current: 8,328 (Future: 8,355)
Target: NA

 

The Nifty hit a new 2016 high on Friday, with a breakout past 8,300. If the uptrend continues, target might be 8,475-8,500 in the next five-seven sessions. Strong resistance above current levels at 8,365 -use that as stop loss for short positions. Support at 8,250, 8,200, etc. A long 8,400c (100), short 8,500c (62) could gain 10-15 if the index crosses 8,400.

NIFTY BANK
Current: 17,986 (Future: 18,055)
Target: NA

Stop short positions at 18,125. Stop long positions at 17,900. Big moves could go till 18,350, 17,650. Trend seems up. A long July 18,200c (47), short 18,400c (14) could double or triple if 18,200 is hit.

Devangshu Datta
Target prices, projected movements in terms of next session unless otherwise stated