Last Nifty failed to close above key levels of 6240 despite making new 52 week
high of 6252, highest Nifty has closed last week is 6207 and lower level that we
have seen is 6144 and is in this trading range for whole week, we were seeing
lower lows which is a indication that despite market being in confused state, it
is drifting down and is now above key support area of 6235 levels which is again
very key. Nifty should close above 6240 to go to new high levels and below 6135
we could see 6040 which is again a key support area and will fill the gap it has
created. Key Nifty resistances are 6161, 6220 and 6267 and supports are 6135,
6090 and 6040
Short term outlook
This week we have RBI policy, Fed FOMC meeting and expiry on Thursday morning
and so the market will be very volatile and traders will get lot of oppurtinities, but have to be extermely agile to book profits, suggest weak hearted to keep away from market till we see this tide settling. It is better to trade stocks instead of Index for better results during next 1 week.
Intraday Levels
We are expected open positive above 6161 spot level which is key but not sure it will sustain at these levels as we have seen choppy market as we have seen whole of last week. For Intraday Nifty could cross 6161 for 6181, 6194 and 6207 and for down side below 6134 it could go to 6119, 6103 and 6090.
Pivot Levels for the day
For exact levels to trade above securities contact vijaykumarrao.invest@gmail.com
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