This week Nifty ended on higher note at 5907 compared to last week close of 5833 which is defiently a better close, but it was not able close above the 50% retracement of 5920 which is key for the bulls to consider going long. Nifty failed to hold highs on Friday and ended below key level, but the important fact is it is trading above most of short to long term EMA's.
For nifty to make a decisive it should cross 5920 levels convincingly to reach 5975 levels which is 61.8% to make a bigger move towards 6100 which was expected by many experts to happen last week. For the bears to take over Nifty should close below 5840 which has been the strongest support area since last 3 weeks. So the bias is equal and we may see Nifty find a direction this week after being rangebound for few days.
The trade for the day is go long in Nifty it crosses 5925 levels and stays there for atleast 15 mins and on other side you can short Nifty if trades below 5880 for some time. 5840 is a major support area and if it can find support at this area it is good for the market.
Stocks for the day
Lupin
TechM
IndusInd
HeroMotor
JindalSteel
M&M
For nifty to make a decisive it should cross 5920 levels convincingly to reach 5975 levels which is 61.8% to make a bigger move towards 6100 which was expected by many experts to happen last week. For the bears to take over Nifty should close below 5840 which has been the strongest support area since last 3 weeks. So the bias is equal and we may see Nifty find a direction this week after being rangebound for few days.
The trade for the day is go long in Nifty it crosses 5925 levels and stays there for atleast 15 mins and on other side you can short Nifty if trades below 5880 for some time. 5840 is a major support area and if it can find support at this area it is good for the market.
Stocks for the day
Lupin
TechM
IndusInd
HeroMotor
JindalSteel
M&M
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