Nifty opened gap-up above 6253 level, but huge profit booking saw the index hurtling down towards the lows of the day around 6150 within the first 45 minutes of trade. The index tried to move up but closed just above the day’s low at 6166.65, a huge loss of 50.50 points. The broader market was also weak, with 593 advances to 725 declines.The reduced availability of cash in the global financial system could temper the flow of foreign money into India, which has been one of the biggest beneficiaries of foreign capital and which is the sole drivibg force for the market. What is really surprising FII's have bought heavily yesteraday to the tune of 2200 crores and where as DII's sold only 41 crores. We have also seen VIX below 17 which is confirmation of clear one side trend which could be downside.
Shortterm Trend
Nifty took a U turn after all the euphoria and is very near to 6150 and is acting as very strong support zone. Nifty has been constantly knocking 6145 - 60 leveles and we could see it breaking as we are also approaching expiry. If this was breached we could see 6080, 6040 and 5972 and on the higher side above only 6240 we could see it going to 6280 and 6345. Concern is BankNifty is below 200 DMA and is very negative to market.
Intraday Trend
We are expected to open flat and we may see market settling and trade in a range but is negative bias. Nifty is strong only above above 6180 and trade for 15 mins we could see 6195 and 6210 and on the downside below 6145 we could see lot of selling pressure and we could see 6130, 6115 and 6000. Gas price revision is positive for Reliance and negative for power generation and fertiliser industries
Top picks for the day.
My top pics for the day are MCDowell, Canbank, ICICI Bank, Biocon, TechM and Maruti. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels of key Indices and Stocks
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