Trend in investment by foreign institutional investors (FIIs) who are currently on a buying spree, trend in other global emerging markets, rupee movement and movement in crude oil prices will determine near term on the domestic bourses. FIIs purchased shares worth a net Rs 15706.20 crore in October 2013 and DII's were still selling. We have seen negligable participation by retails which is biggest concern.
Nifty has closed at highest ever level of 6317 which is more important than going to alltime high, but 6350 is a major resistance area and if it can close above this level the next level to look after is 6400 which many experts were talking would be reached this week. I expect traders to be cautious and trade with strict stop losses as we have seen a very strong resistance at at all time highs and we may see a pull back to down side and could make a fresh up move.
The Key is BankNifty which has done well last week and if it can support the broader market there will be no problem for Nifty to reach 6400 levels. Look for more opportunities in Banking, Pharma and Cement which is most underperformed sector, but could do well in short to medium term.
Intraday Levels
We could open flat and I am not expecting any big move today as there are hardly any cues. Nifty spot below 6300 could go to 6280 - 6260 and above 6325 it can go to 6345 and 6365. For above levels Nifty should trade for atleast 15 mins to reach stated levels. I am expected market to be in downside as we may see profit booking at higher levels.
Pivot Levels for stocks of the day
For exact levels to trade above securities contact vijaykumarrao.invest@gmail.com
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