Nifty reversed direction after holding positive zone till afternoon trade as European stocks dropped and is trading below major support zone of 6145 after it seemed it was able to hold the level. Though FII's were buyers and negligible participation by DII's which is logical and waiting for vital events of next few days. Nifty opened at 6178 and made a high of 6190, but never stayed that level and has started it slide in the second session and made a low of 6133 and closed at 6137 which is not good for market.
Shortterm Trend
Nifty has broken 50 DMA and closed below the support of 6150-6145 levels and Closing below is major phsycoligical blow to bulls. Logically we should have a bounce at support zone but it was falling continuously. Now, we came on RBI policy today. It was definitely not a strong close yesterday. I am scared that Nifty spot may try to test the levels of 6080 now. Big question is that will we get support even at 6080. Suppose if it breaks 6080 and sustain then it will open flood doors for 6000. 25 basis point is discounted and dont see Rangarjan going anything drastic as I feel inflation is because of food items and anything worse will be taken by market with pinch of salt. I feel major event is Fed decision which could impact the market more.
Intraday Trend
Yesterday I stated in Intaday section "Nifty will opening with gapup is difficult to sustain and eventually be covered today are tomorrow" which has happened. We will open flat today and I suggest not to trade today till the event is out and better trade in second half once the market settles. Nifty is good if it stays above 6145 for 6160, 6175 and 6190 which is yesterdays high and on the lower side below 6120 we could see 6105, 6090 and 6075.
Top picks for the day.
My top pics for the day are Zeel, Lupin, Can bank, IndusInd and Bharat Forge. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels of key Indices and Stocks
Shortterm Trend
Nifty has broken 50 DMA and closed below the support of 6150-6145 levels and Closing below is major phsycoligical blow to bulls. Logically we should have a bounce at support zone but it was falling continuously. Now, we came on RBI policy today. It was definitely not a strong close yesterday. I am scared that Nifty spot may try to test the levels of 6080 now. Big question is that will we get support even at 6080. Suppose if it breaks 6080 and sustain then it will open flood doors for 6000. 25 basis point is discounted and dont see Rangarjan going anything drastic as I feel inflation is because of food items and anything worse will be taken by market with pinch of salt. I feel major event is Fed decision which could impact the market more.
Intraday Trend
Yesterday I stated in Intaday section "Nifty will opening with gapup is difficult to sustain and eventually be covered today are tomorrow" which has happened. We will open flat today and I suggest not to trade today till the event is out and better trade in second half once the market settles. Nifty is good if it stays above 6145 for 6160, 6175 and 6190 which is yesterdays high and on the lower side below 6120 we could see 6105, 6090 and 6075.
Top picks for the day.
My top pics for the day are Zeel, Lupin, Can bank, IndusInd and Bharat Forge. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
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