Nifty as expected opened flat just below yesterdays close and made low of 6307 and ultimately closed at 6332 which is below support area. As predicted by me after going below 6345 Nifty spot reached my target of 6315 and later recovered from its low. What we have observed was DII's sold more than what FII's have bought which moved the market down. With tappering expected start very shortly markets worldwide could see some downside.
Short term Trend
Nifty seems to be in profit booking mode and has coverd nearly 75% of the gapup it has created on Monday. Nifty should cross 6415 which happens to be immediate resitance to make a move to 6500 and lower side below for the short term 6280 is next support and 6240 is major support and breaching them would create panic in the market and we could see 6160 and 6000 for short term. What is really heartning is VIX at 18 which is good for the market. I am expecting downward bias in Nifty for next few days as market is looking to cover the gap it has created and some of the indicators were indicating negative diverence.
Intraday Trend
Nifty is expected to open soft and we may see it opening at 6300 - 6310 levels and below 6300 for 10 minutes we could see it going to 6285 and 6270 and on higher side above 6340 we could see it going to 6355 and 6370. I am expecting Banking and Capital goods to correct as we have seen these stocks run a lot in last one week and the other side expecting upside in IT and FMCG which are defensive.
Top picks for the day.
All my stocks have done extremely well on Tuesday compared to Monday because we have seen gapup on Monday. My top pics for the day are RelInfra,AuroPharma, HUL, TCS and Axis. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels of Key stocks
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