Key benchmark indices edged lower in choppy trade, with selling intensifying towards the latter part of the trading session. Indian stocks yesterday gave away a portion of Monday's strong gains triggered by hopes that a price decline in oil. Nifty opened weak at 6099 and was in a range till 2 PM and later drifted down to 6047 which is lowest of the day and ultimately closed just below the key support level of 6060 at 6059 and Nifty future closed on at 6071 level.The market may remain volatile in the near future as traders willroll over positions in the futures & options (F&O) segment from the near month November 2013 series to December 2013 series. What is really looking bad is all the major indexes were trading either at all time high or at 52 week high, but we were failing to move up.
Shortterm Trend
Nifty lost half of its gains it has made on Monday and has closed at 6059 which is exactly below 6060. Please remember my comments in my previous that this rally could be shortlived one and it has happend and would still stay there will be more choppy trades and be you need to be agile to catch them. Nifty will become weak below 6040 and will be strong above 6161 which is ruled out. Last hope for Nifty is 5972 which is also looking to be difficlut to be breached in this expirty, but could test 6000 . I am still sticking to my word that Nifty will close below 6040 for this expiry which I stated on Monday when Nifty made a huge rally. I still feel short and medium term trend is down.
Intraday Trend
Nifty will open below yesterdays close and we will see lot of volatality today and suggest not to trade in the first session as we may not see direction, but you may find direction in second half of the day. One can buy nifty future above 6080 in spot for 6085 and 6000 and below 6047 which was yesterdays low we could go to 6032,6017 and 6000.
Must trades for the day
I am expecting Auro Pharma, AdaniEnt, Lupin, BankIndia, LicHsg and Jindal Steel to do well. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels of Key Stocks and Index for the day
No comments:
Post a Comment