Nifty made huge move yesterday with support of good news of CAD deficit and in this process crossed all the resistance areas 5950 and 5975 which is 61.8% resistance level and is trading at 6000 levels. This move has surprised every one and the last hour short covering moved Nifty move to levels above 6000 and caught everyone on wrong foot. As stated on yesterday 5880 is a support area along with 5850 levels and they have always provide rock solid support to Nifty since last 20 days.
Nifty may open flat to small negative bias today and the next levels to look after are 5975 level at lower side and 6040 at the higher side. Breaching of these levels either way could set a trend for the day. Nifty is looking good for further move upside atleast for the day.But for the shorter term closing below 5950 and above 6040 sets trend to reach 5880 - 5850 towards lower side and 6110 for higher side. We are always finding support at lower levels and it seems heading towards 6250 levels. The bias clearly towards upside and the momentum could continue for the day and also to short term.
Will provide levels intraday levels to trade in Nifty
Stocks for the day
RelInfra
ICICI
Tata Motors
JindalSteel
Lupin
Maruti
KotakBank
LT
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