Trading for the week began on an upbeat note as key benchmark indices surged as crude oil prices dropped after the US and five other world powers agreed with Iran. Nifty opened at 6031 and has made a high of 6072 in first 15 mins. Nifty later retested 6058, but made a high of 6123 and ultimately closed at 6115 which is a again of 119. Have a look at the fall of past three trading days. It slipped from 6212 to 5792. Now in just one day it has covered 62% of the fall. Rupee became strong and was well below its resistance of 63. As ever Banking stocks along with cement have been biggest movers and has lead the market to higher levels. Most of the sectors have rallied except Pharma and IT which are major beneficiaries of weakening rupee.
Shortterm Trend
Though I mentioned that we will be making a pullback shortly, but I would be lying if said that you will see a big move of 120 points. I Said Nifty should trade above 6060 for a move to 6080 and 6100, infact it has happend twice though you may to be able to trade in Nifty in the first 30 mins, later in second session it made a low of 6058 and after consolidation has made a solid move to 6123 and ultimately closed 6115. For Nifty to be considered bullish it should cross 6161 to move to 6193,6210 and 6223 levels and in the downside below 6060 it could again go to 6035, 6000 and 5972 which is lower swing. I suggest you to be not be complacent as this pullback rally could be short lived with sudden move towards downside as we are approaching Expiry. I suggest to trade with trend without any bias and not suggest not to take any positions for the short term as expiry is approaching. VIX is back to its recent high 21.05 which is not a good indication. I am expecting Nifty to closebelow 6040 level for this expiry.
Intraday Trend
After all the euphoria we could open negative to flat as indicated and most of the markets are flat. Suggest to trade with caution as we may see volatility and suggest to with trend and look for small profits either side. I feel we could see cut in Nifty premium as we are approaching expiry and I prefer to trade towards downside as there no change in fundamental and technical as this is a momentum play. If nifty trades above 6120 for 15 minutes one can go long for a target of 6135 and 6150 on the lower side dip below 6095 and stay there for 15 minutes could see Nifty going down to 6080 and 6065.
Must trades for the day
Capital good could do well. I am expecting Cairn, RCom, Lupin, Auro Pharma and Bajaj Auto to do well. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels of Key Stocks
Shortterm Trend
Though I mentioned that we will be making a pullback shortly, but I would be lying if said that you will see a big move of 120 points. I Said Nifty should trade above 6060 for a move to 6080 and 6100, infact it has happend twice though you may to be able to trade in Nifty in the first 30 mins, later in second session it made a low of 6058 and after consolidation has made a solid move to 6123 and ultimately closed 6115. For Nifty to be considered bullish it should cross 6161 to move to 6193,6210 and 6223 levels and in the downside below 6060 it could again go to 6035, 6000 and 5972 which is lower swing. I suggest you to be not be complacent as this pullback rally could be short lived with sudden move towards downside as we are approaching Expiry. I suggest to trade with trend without any bias and not suggest not to take any positions for the short term as expiry is approaching. VIX is back to its recent high 21.05 which is not a good indication. I am expecting Nifty to closebelow 6040 level for this expiry.
Intraday Trend
After all the euphoria we could open negative to flat as indicated and most of the markets are flat. Suggest to trade with caution as we may see volatility and suggest to with trend and look for small profits either side. I feel we could see cut in Nifty premium as we are approaching expiry and I prefer to trade towards downside as there no change in fundamental and technical as this is a momentum play. If nifty trades above 6120 for 15 minutes one can go long for a target of 6135 and 6150 on the lower side dip below 6095 and stay there for 15 minutes could see Nifty going down to 6080 and 6065.
Must trades for the day
Capital good could do well. I am expecting Cairn, RCom, Lupin, Auro Pharma and Bajaj Auto to do well. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels of Key Stocks
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