Nifty dropped in choppy trade as a sharp uptick in consumer price inflation in Novemberraised the likelihood of the Reserve Bank of India (RBI) hiking its repo rate next week.Indian stocks dropped for the fourth-day in a row on Friday led by banks as it is interest sensitive sector.Nifty opened lower at 6200 and has never recovered and has made a low of 6163, but ultimately closed a t 6173 after taking support near 6160.
Short term Trend
Lot of events are linedup next week starting with Corporate advance tax payment for Q3 closing on Dec, 15th, RBI mid quarter review, US fed Meeting on Dec 18th and could set change or set new trend for shorting. On Friday I specified that we are heading down towards 6160 which is very near now. Breaking 6150 - 6140 could bring more pain as we could head towards 6040 and 5972 and on the higher side we need to cross 6240 convincingly to go back to previous highs. If tapering expected to start very soon we could see lower levels we are in a short term bear market as bears were dominating.
Intraday
Nifty will open flat and is bias is negative and if Nifty can stay above 6165 for 15 mins we could see 6180and 6195 and on the lower side, if Nifty breaks 6150 we could 6135, 6120. See a good support at 6145 levels
Top picks for the day.
My top pics for the day are Sun TV, Tata Motors, Wipro, Auro Pharma and Axis Bank. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels of Key stocks
Short term Trend
Lot of events are linedup next week starting with Corporate advance tax payment for Q3 closing on Dec, 15th, RBI mid quarter review, US fed Meeting on Dec 18th and could set change or set new trend for shorting. On Friday I specified that we are heading down towards 6160 which is very near now. Breaking 6150 - 6140 could bring more pain as we could head towards 6040 and 5972 and on the higher side we need to cross 6240 convincingly to go back to previous highs. If tapering expected to start very soon we could see lower levels we are in a short term bear market as bears were dominating.
Intraday
Nifty will open flat and is bias is negative and if Nifty can stay above 6165 for 15 mins we could see 6180and 6195 and on the lower side, if Nifty breaks 6150 we could 6135, 6120. See a good support at 6145 levels
Top picks for the day.
My top pics for the day are Sun TV, Tata Motors, Wipro, Auro Pharma and Axis Bank. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels of Key stocks
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