{LONGTERMINVESTORS} Market Outlook For 3rd October 2016

 

Dear Sir/Ma'am,

 
Greetings from Swastika Intelligence Group

Equity Market Outlook:

Spot Nifty: There are some signs which are suggesting market has made near term top and 50-DMA which is currently placed at 8690 mark will act as a strong resistance on immediate basis. Traders are advised to remain on short side and should use any small rally as a selling opportunity until nifty witnessed closing above 8728 mark. 8540-8520 is an immediate support zone; below this nifty is vulnerable to fall towards 8300 mark

 Banknifty future:    Banknifty is trying to get support in 19200-19100 zone while 19500-19750 will act as an immediate and critical resistance zone. Traders are advised to use sell on rise strategy till Banknifty trades below 19750 level where below 19100 level it is vulnerable to slide towards 18500 level.         

 

Sectors/Stocks to watch out for:

• Maruti and Tatamotors are likely to do well on the back of strong sales numbers while Ashokleyland may remain under pressure due to weak sales numbers. 
• Reliance and ONGC may remain under pressure due to cut in Gas prices.
• RBL banks may do well after it acquires stake in Utkarsh Micro Finance Ltd.
• Tech Mahindra is vulnerable for sharp correction on the back of technical weakness. 

--   Thanks & Regards,   Swastika Research Team  0731-6688005/009/026 

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