Indian markets also followed Global sentiment and slipped below next trend deciding range(6164-6221). Breaching 6161 in spot is critical and it has bounced back from its lows of 6116 to bounce back to above 6178 above key 6161 level which is again indicates strength in the market which could be trap for long only traders by bears. We saw lower lows and lower highs which is a clear indication of weakening of trend.
Short term outlook
Short term players can short the market and have strict stops at 6232 in spot or 6242 in future if they can risk and can average at higher levels if you get levels of 6220 levels by keeping SL as stated above. Dont be surpirsed to see 6000 levels this expiry down side and you can use trailing stop loss at every levels and the trend can change only if we see Nifty trading above 6240 level for levels of 6300+ levels which was expected by many.
Intraday Levels
We are going to see another flat opening and for intraday I feel break above 6194 levels can be used to long and below 6161 can be used to short Nifty on spot basis. BankNifty is a good option trade in today for upside if you can get levels traded stated below as most of the PSU banks along with ICICI and Axis are looking good for upside.
Pivot Levels for the day
For exact levels to trade above securities contact vijaykumarrao.invest@gmail.com
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