Same story repeated everyday we opened lower, but later Nifty seems to have found it support at 6010 and has made a high of 6042, but suddenly we have seen reverse after making high as ever in after session and made a low of 5974, but closed again above the support area. This confirms we are in medium term down trend and we may see lows of 5900 after a small pullback which still did not
happen. Perhaps after 8 days we have seen DII's selling less.
Trend of the Market
The key levels to be watched on closing bases are 5960-70 and below it we may see 5940 and 5920 which are last hope and on the higher side above 6000 we could 6030and 6050 for short term. If Nifty closes below 6000 for second day we could see it going to 5900 and 5850 and close above 6045 for two days will change the trend for short term and we could head to 6110 and 6150.But we may not sustain at higher levels if we see rupee weakening. As I told you key for the market is VIX should stay below 21 and if does we could recover if not more pain is expected.
Intraday Trend
Nifty is expected to open with gapup because of some good news of possibilities of delayed tapering withdrawal and also technically it is bound to do that. For the day Nifty Spot can bought above 6010 for 6025, 6040 and 6055 and lower side below 5975 we could see 5957, 5940 and 5925. Suggest to trade in Banks for today.
Must Trades for the day
Yesterday my must trades did very well and I am expecting TataSteel, Idea,Adani Ent kand Axis Bank to do well either way. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels of key stocks
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