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Market Mantra

Global markets consolidate as oil enters bear market with supply glut indicating global growth worries.US stocks fall as energy, commodity stocks see weakness.


Asian indices opened weak as overnight global cues turned negative as oil prices continued to fall.US stocks saw a correction after rising non stop for last 7 days as energy & commodity stocks saw selling.Nasdaq led tech high flyers also saw weakness as profit booking sets in.


Nifty saw profit booking mid session onwards to end the day almost flat.Media, financial services & pharma sector selling saw weakness creep in while value buying in IT, reality & select metals saw the Nifty maintain even scale.For today expect profit booking above 9650 as foreign investors continue to book profit on rallies.  


Technical view: Nifty needs to close above 9680 for next leg up while 9580 will act as strong support, break either side will see Nifty chart further course.Bank Nifty also finds support around 23650 while 24000 will act as resistance on the upside.


Trading ideas(Time period:1-7 days) Sell Powergrid June future @ 208-210, stop loss 214 & target 204.5-205.5


Derivative strategy(Time period:Till expiry) SELL SUN TV June future @ 848-853, stop loss 870 & target 832-834