Nifty Outlook by Epic Research

Blue-chips pulls Nifty above 11500 while option writers run for cover as buying continued in the broader market. POsied with positive global cues from global markets and positive domestic sentiments the start was seen slow as some profit booking was seen at higher levels. Though it was buying in select blue-chips like Reliance, ITC, Infosys followed by SBI and Axis that helped Nifty and other indices to soar up. Though gains were marginal as the undertone remained positive.

There was some writing in 11500 – 11600 CE which was observed but it was today due to buying at lower levels we have seen writers covering their position while long built up was seen in 11500 – 11600 by closing. Strikes on PE side like 11500 – 11600 also saw short built up. This is a post-breakout market with a very strong undertone that is in full grip of bulls.

We believe the support established at 11300 is now inched up to 11400 while the upside is now open to 11640 – 11650. Maintain buy on dips as a strategy.

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Posted in: Indian Market Tips