Major Indices snapped their six day losing streak as RBI surprised markets by keeping the repo rate unchanged at 7.75% after mid-quarter monetary policy review. It was widely expected that the RBI will raise repo rate by 25 basis points to rein in inflation after recent data showed that both consumer prices and wholesale prices accelerated last month.Nifty opened at 6130 and was in a range till 11 AM and suddenly made a huge move to 6236 and later settled in a range through out the day around 6205 - 6220 levels. What is important is it has closed at high of 6230.
Shortterm Trend
Nifty can be considered bullish again if it trades above 6240 and major resistance area of 6280 for a move to previous highs of 6400 and on the lower side if it breaches 6150we could go to 6080 and 6000 in short term. Lot depends on the reaction of tappering decision of US Fed to cut to 75 billion from 85 billion and most of the markets have taken it as positive. If we close above 6280 we are again in a short term bull market. The real trend will be known only may be from tomorrow once everything settles
Intraday Trend.
Nifty should open with a gapup of atleast 40 points which is below 6280 which is major resistance. What is important is if we can trade above 6280 for 15 mins we could go to 6295 and 6310 and on the downside below 6280 for 15 we could go to 6265, 6250 and 6235.
Top picks for the day.
My top pics for the day are Jubilant Foods, Axis Bank, Infy, Lupin and Zeel. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels of key Indices and Stocks
No comments:
Post a Comment