Broader outlook and levels for Dec, 4th

Nifty went lower yesterday when compared to previous day as Asian and European stocks dropped on speculation the Federal Reserve will soon start tapering monetary stimulus to the US economy.As expected Nifty opened weak at 6204 and made a high of 6225 in first 2 hours of the market, but later drifted down and made a low of 6191 which happens to be lowest it has reached and closed just above sentimental value of 6200. DII's were selling more than FII buying and not a great day  to for trading in Nifty, but has given enough opportunities for trading in Stocks. Crude is near to 98 from 92 levels and above 98 we could see it going up again, but is unlikely in near term.

Shortterm Trend
As stated before Nifty was facing resistance at 6227 for making a move to 6240 which happens to be next major resistance. Above 6240 we could go to 6290 and 6342 and on the downside 6161 - 6141 are strong support areas. If we close below 6140 level we invite bears. Yesterdays weak closing is not a good sign and we are going to see some more pain before market makes its next move. Only reason why we are still languishing at these levels instead of sun 5972 levels is expected elections results. If Nifty goes below 6140 there is strong chance for us to go to 6040 and 5972 levels. India VIX has increased to 24.7 which is really bad and we can expect more volatility in the market till end of the day Friday and on Monday we will see new trend. Every time we reached 6220 levels we are seeing strong resistance and I feel we are at top if we forget Dec, 8th event. We are also seeing all the negative news coming again at these levels.

Intraday.
Nifty could open weak at 6165 levels as indicated by global clues. It is better for wait for Nifty to consolidate and take a call. Nifty below 6165 we could see 6150 and 6135 and on the higher side above 6181 we could see 6197 and 6210. As of now Nifty is weak and would prefer selling in the market for the day than buy. One of the factors that could effect our market is crude is increasing.

Top pics for the day
As ever our picks are rocking and expect the same in future. I am expecting Bharti Airtel, Sun TV, JindalSteel, IndusInd bank and Jubl Food to do well.  For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.

Pivot levels of some key Index and Stocks