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Research report help you to get basis with key information that can shape the markets.
Reliance Indutries Limited
CMP:- Rs.1,897 Target:- Rs.2,305
Indian shares ended a volatile session lower on Saturday to extend losses for the third day running. Finance Minister Nirmala Sitharaman’s second Budget failed to lift market sentiment. Nifty index dropped 300.25 points, to 11661.85.
Nifty managed to hold Nifty above 200 DMA which was support. It seems bears hold a strong stance in the market which may result in further downside in the near future. However, Index has corrected more then 750 points from top in just two weeks. So, small pullback can not e rules out.
Nifty made bearish marubozu candle on Thursday. This pattern signifies bears were in control for entire day and can act as trend reversal point. moreover, at the same point of time RSI is trending down which indicates market momentum is slowing down. We expect further weakness in market, one can use any rise to reduce long positions till the time nifty doesn't close above 11860.
Put O I addition was seen at 11650 followed by 11600 which can act as short term support
Bull Call Spread Strategy
View :This strategy is used when a trader expects Increase in the price of Stock/ Index.
Actionable : Purchase a Call with ATM strike price while simultaneously selling a Call with OTM strike price. This is mainly done to reduce the cost of purchasing the option. (ATM: At the Money; OTM : Out of Money)
Bear Put Spread Strategy
View :This strategy is used when a trader expects decline in the price of Stock/ Index
Actionable : Purchase a put with ATM strike price while simultaneously selling a put with OTM strike price. This is mainly done to reduce the cost of purchasing the option. ( ATM: At the Money; OTM : Out of Money)