Epic Research Daily Equity Report Of 24 July 2017

NIFTY

Previous week nifty made a new high and close to near above 9900 and we seen volatile move into Nifty it got resistance around life time high of 9950 and made high of 9942. Since on weekly chart it moving into rising pattern, but we can see profit booking at higher level so for that we can see some correction ahead so we advise to follow buy on decline strategy, buy nifty future around 9830-9850 for target 9900-9950 with stop loss of 9780.

BANKNIFTY

As compare to Nifty index bank nifty index was positive ahead of merging process of PSU banks, and made a new high, and last session of previous week it was clearly long build and made a new high and finished at 24294.95, so we can seen sharp run up ahead so we advise to follow buy on decline strategy so buy around 24050-24070 for target of 24200-24400 with stop loss of 23900.

MOTHERSUMI FUTURE

Last Week MOTHERSUMI future given positive performance in whole week and move in narrow range but last session made a high of 328.95 it’s strong resistance level and clearly show long build up and Future close near weekly high and with bullish candlestick in daily chart. We expect the addition of long build up eventually go to upside ahead. So we advise you to buy above 330 for the target of 335-340 with SL of 325.

VOLTAS FUTURE

Last week VOLTAS future move in narrow range whole week but last session of previous week future respect strong resistance level and given positive return and close near resistance level with bullish candlestick in daily chart. and since last session it rose with rising OI in long side, if future cross resistance level. We can see sharp run up ahead, so for that it will be good to buy above 499 for the target of 505-510 with SL of 495.

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