Yesterday Nifty closed lower for second consecutive day at 6160 which is a strong support, look at the way Nifty was stopping at every major support area since last 45 days. Nifty opened better than expected and made a high of 6210 which is a strong resistance and has reversed after making high and made a low of 6149, but ultimately closed at 6160.The market breadth, indicating the overall health of the market, was negative most of the day despite some midcaps making highs. It was lackluster day with less volumes in the market.
Shortterm Trend
As stated before Nifty was facing resistance at 6212 and 6228 for making a move to 6240 which happens to be next major resistance. Nifty should cross 6240 for making higher levels of 6290 and 6340. If Nifty goes below 6140 there is strong chance for us to go to 6040 and 5972 levels. India VIX has come down to 23.6 which is better, but still above comfort zone. Exit poll suggests that market favourite BJP has gained significant edge in almost four states. Three states are clearly in favour of BJP. We may see big gapup in Nifty above resistance levels. I strongly feel this exuberance may not long last once reality creeps into our market once elections results settles as US was seeing continuous good results.
Intraday
If Nifty opens with huge gapup as indicated above 6228 we could go to 6240 and 6260 and lower side below 6207 we could see 6190 and 6175. With local events supporting we are going to see huge gapup, even though data from US recovery is good, which is bad for India and other emerging countries.
Top pics for the day
As ever our picks are rocking and expect the same in future. I am expecting Axis Bank, Jubilant Food, Adani Ent, Dish TV, HUL(Sell)and HDFC Bankto do well. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels of some key Index and Stocks
Shortterm Trend
As stated before Nifty was facing resistance at 6212 and 6228 for making a move to 6240 which happens to be next major resistance. Nifty should cross 6240 for making higher levels of 6290 and 6340. If Nifty goes below 6140 there is strong chance for us to go to 6040 and 5972 levels. India VIX has come down to 23.6 which is better, but still above comfort zone. Exit poll suggests that market favourite BJP has gained significant edge in almost four states. Three states are clearly in favour of BJP. We may see big gapup in Nifty above resistance levels. I strongly feel this exuberance may not long last once reality creeps into our market once elections results settles as US was seeing continuous good results.
Intraday
If Nifty opens with huge gapup as indicated above 6228 we could go to 6240 and 6260 and lower side below 6207 we could see 6190 and 6175. With local events supporting we are going to see huge gapup, even though data from US recovery is good, which is bad for India and other emerging countries.
Top pics for the day
As ever our picks are rocking and expect the same in future. I am expecting Axis Bank, Jubilant Food, Adani Ent, Dish TV, HUL(Sell)and HDFC Bankto 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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