Nifty closed at 5906 which is lower than Firday's low of 5907 and as expected 5910 is resistance area. Nifty made a low of 5825 and for it to go down further it should trade below strongest of strongest support areas of Nifty 5840 for a period of 30 - 60 minutes, which it has failed and a made a rally which requires to stay above 5880 levels which it did and ultimately has found resistance at 5915 - 5920 which is infact a bearish indication, but with expected gap up opening we may see this level breaking easily based on positive new flow from RBI and also FII's were still buying in tons which is holding the market.
Next resistance area is 5950 levels and for you to go long Nifty should trade above this level for 30 minutes for higher levels of 5985 - 6000. Don't be surprised if market goes to 6200 levels in next or 5700 levels based on the technical and fundamental data. The medium term outlook is still bearish and the short term outlook is bullish. Be prepared for shorting if market comes down below 5950 levels because of any reason and trades for 15 - 30 minutes.
Stocks for the Day
Banks and IT will do well based on news flows
Yes Bank
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Next resistance area is 5950 levels and for you to go long Nifty should trade above this level for 30 minutes for higher levels of 5985 - 6000. Don't be surprised if market goes to 6200 levels in next or 5700 levels based on the technical and fundamental data. The medium term outlook is still bearish and the short term outlook is bullish. Be prepared for shorting if market comes down below 5950 levels because of any reason and trades for 15 - 30 minutes.
Stocks for the Day
Banks and IT will do well based on news flows
Yes Bank
Jubilant Foods
Sun TV
HCL Tech
Axis Bank
SBIN
BOB
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