With positive close of Nifty yesterday above its previous close, but it is still below the level of next resistance level which is 6040. Nifty is on a very strong foot and with the current markets conditions globally supporting domestic market with a partial understanding expected in US to overcome Oct 17th deadline there is a strong posibility for further rally of markets globally. We could also see sell off as nothing is certain to happen in market, if Obama does not agree to this deal and market like India are going to be impacted being high beta market.
Today with expected gapup of more than 60-70 points as indicated by global markets we may open at 6100 in spot and 6140-50 levels in future, we may see Nifty crossing the immediate resistance of 6040 . Most of the people who are long and we could also see profit booking at levels 6130 - 50 levels in future as we also have local news coming from Infy , PII and CPI data and 5997 is resistance area. I feel technicals may not work based on such a strong events. My levels are at the higher level 6110 and at lower level 6040 in spot is key and move above or below gives trading oppuritnity for both shorts and long for short term. Banking,IT,Reality and Pharma sectors needed to be watched.
Trade carefull and wait till 11 PM for making any trade and follow the trend.
Stocks for the day
Asian Paint
Maruti
Reliance
TataChem
Uniphos
Infy
TechM
DrReddy
SunPharma
KotakBank
JubFood
Today with expected gapup of more than 60-70 points as indicated by global markets we may open at 6100 in spot and 6140-50 levels in future, we may see Nifty crossing the immediate resistance of 6040 . Most of the people who are long and we could also see profit booking at levels 6130 - 50 levels in future as we also have local news coming from Infy , PII and CPI data and 5997 is resistance area. I feel technicals may not work based on such a strong events. My levels are at the higher level 6110 and at lower level 6040 in spot is key and move above or below gives trading oppuritnity for both shorts and long for short term. Banking,IT,Reality and Pharma sectors needed to be watched.
Trade carefull and wait till 11 PM for making any trade and follow the trend.
Stocks for the day
Asian Paint
Maruti
Reliance
TataChem
Uniphos
Infy
TechM
DrReddy
SunPharma
KotakBank
JubFood
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