Nifty opened on Friday at 6292 which is better than expected and made high of 6324 and ultimately closed at 6216 which is a good close. Volumes were low and FII participation is limited. VIX is at 14 which is surprising me.
Shortterm Trend
Nifty did well by openig good opening on first day of new series. Nifty is trading above 6300 and closed below 6320 levels and trading above these levels will move Nifty towards 6350 and 6400 as the key is Nifty should inch up for all time highs and below 6260 which is acting as strong support we could reach 6200 and 6160. For next few weeks I am bullish but we are breaking out for new high and will happen shortly and I prefer to trade long side.
Intraday TrendNifty could open flat as indicated by global cues and above 6320, we could see 6335 and 6350 and on the downside below 6300 we could go to 6285 and 6270. I am not expecting big move in next few days as market participants will take fresh look in new year. Keep a eye on Cement and FMCG sector for good gains.
Top picks for the day
My top pics for the day are YesBank, DRreddy, Bajaj Auto, HPCL and ICICIBank. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels of key stocks
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