Nifty is continuing its bull run even though global markets did not supported it yesterday. Nifty opened flat and was in a range bound and close above its immediate 6110, but closed below its intraday resistance 6120.
Yesterdays evenings inflation data is ugly and it is neutralized by blockbuster Reliance results which have surpased all exception. Inflation data shows RBI will come up with more money tightening measures and we may see more Repo rate increase which could upset markets in. The immediate clues are the expected hope of understanding politicians are expected come to to solve the partial shutdown and technical default of US for Oct 17th and good results are expected by IT and some private sector banks, but the companies with bad results are expected to announced from next week which may set trend for market.
Taking clues from global markets and domestic information, Nifty is ignoring all the negativies and is expected to open above 6160 in spot and above 6200 in future which is above all resistances, remember as Nifty moves ahead despite having head winds the risk is increasing and it is better to wait in sideline instead of long for short term.
For intraday traders as trend is friend if Nifty consolidate above 6150 - 6160s for atleast for 30 minutes, it is better to go long, if Nifty trades below 6140 which is very much possible it is better to go short with a strict stoploss of 6150 in spot.
Pivot Levles
Stocks for the day
RelInfra
Reliance
Wipro
HCL
GodrejInd
Axis
Asian Paints
Yesterdays evenings inflation data is ugly and it is neutralized by blockbuster Reliance results which have surpased all exception. Inflation data shows RBI will come up with more money tightening measures and we may see more Repo rate increase which could upset markets in. The immediate clues are the expected hope of understanding politicians are expected come to to solve the partial shutdown and technical default of US for Oct 17th and good results are expected by IT and some private sector banks, but the companies with bad results are expected to announced from next week which may set trend for market.
Taking clues from global markets and domestic information, Nifty is ignoring all the negativies and is expected to open above 6160 in spot and above 6200 in future which is above all resistances, remember as Nifty moves ahead despite having head winds the risk is increasing and it is better to wait in sideline instead of long for short term.
For intraday traders as trend is friend if Nifty consolidate above 6150 - 6160s for atleast for 30 minutes, it is better to go long, if Nifty trades below 6140 which is very much possible it is better to go short with a strict stoploss of 6150 in spot.
Pivot Levles
RelInfra
Reliance
Wipro
HCL
GodrejInd
Axis
Asian Paints
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