As expected Nifty opened very strongly above 6130 and has consolidated and was in a range for most of the day, but made a solid from move from 2 PM and made a high of 6191 and so closed above key resistance of 6187. FIIs took full charge to make a stronger recovery as the bought more than 1000 crs. Just in two days of time, Nifty bounced by more than 200 points from its low of 5972.China has started it biggest reform of last more than two decades. This has triggered massive rally in Asian market yesterday. Whole Asia may gain from this but not India.
Short term trend
With strong cues from China, I am expecting more allocation to China than India and all this euphoria may end as we are getting closer to strong resistance of 6240 and close above this sets medium term trend and strong short term and long term uptrend are intact. It is important for Nifty to trade above 6193 for 6230 which is my short term target and but was also expecting a small correction before that happens. Even if we have small correction we have good support at 6160 and 6135. The positive is Dollar getting weaker globally which is a good news for India.
Intraday Support
Nifty is expected to open flat based on Global cues and Dollar also supporting the market could set the market. Nifty could face intraday resistance at 6210 and staying above this for 15 mins is a clear buy and could go to 6227 and 6240 and lower side if trades below 6172 we could see 6155 and 6140. I dont suggest selling even though we get levels as buying comes at every low level. I suggest to look for smaller PSU banks for gains as we have seen rally in their bigger banks.
Must Trades for the day
I am expecting Asian Paint,Jubl Food,Jindal Steel, TechM and UCO Bank to do well. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels of key stocks
Short term trend
With strong cues from China, I am expecting more allocation to China than India and all this euphoria may end as we are getting closer to strong resistance of 6240 and close above this sets medium term trend and strong short term and long term uptrend are intact. It is important for Nifty to trade above 6193 for 6230 which is my short term target and but was also expecting a small correction before that happens. Even if we have small correction we have good support at 6160 and 6135. The positive is Dollar getting weaker globally which is a good news for India.
Intraday Support
Nifty is expected to open flat based on Global cues and Dollar also supporting the market could set the market. Nifty could face intraday resistance at 6210 and staying above this for 15 mins is a clear buy and could go to 6227 and 6240 and lower side if trades below 6172 we could see 6155 and 6140. I dont suggest selling even though we get levels as buying comes at every low level. I suggest to look for smaller PSU banks for gains as we have seen rally in their bigger banks.
Must Trades for the day
I am expecting Asian Paint,Jubl Food,Jindal Steel, TechM and UCO Bank to do well. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels of key stocks
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