Trading for the week and month began on positive note with data showing FIIS still buying. Nifty opened at 6171 which is just below previous days close, but has recovered immediately in first 15 minutes. Nifty made a high of 6228 and was in a range for a whole day, but never went below 6200 to show weakness, but failed two more attempts to break the days high. What is important is Nifty closed at 6218 which is above key resistance level of 6212 which it failed before.
Shortterm Trend
Nifty has closed above 6212, but failed to clear resistance of 6227, if Nifty closes above 6240 which is a key resistance we could see Nifty going to 6280 and recent high of 6340 and Nifyt can be considered weak for shortterm only if Nifty closes below 6140 for two days for 6080 and 6040. As of now we are in a short and long term up trend and we need to close above 6240 for few days for us to be considered in mediumbullish market.What is worrying is VIX has gone up to 23 from 21 and which is not good sign for a trending market and we will continue to see volatality this week also. VIX below 21 is good indication for stability.
Intraday,
Yestersday my ultimate target of 6227 has met and for today Nifty could open around 6190 and I feel it will not stay at that level for too long and could bounce back. Nifty can be bought only if it crosses 6212 for 6227 and 6243 which is strong resistance and above this level we may say short covering and will push to 6260 and higher levels and lower side for 10 minutes below 6280 we could Nifty going to 6161 and 6140.
Top pics for the day
As ever our picks are rocking and expect the same in future. I am expecting Lupin, RelCap, Jindal Steel, Asian Paints and Arvind to do well. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels of some key Index and Stocks
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