Market made massive rally after exit polls predicted a strong showing for the BJP in the recently concluded assembly elections in four states Rajasthan, Madhya Pradesh, Chhattisgarh and Delhi. FII have bought 1151 crores and DII were sellers as ever. Nifty opened at 6262 which is exactly 100 points up from previous days close and made a high of 6300 and slowly started drifting down from 11 AM giving half of the gains and made a low of 6232 and ultimately closed at 6240. Banking shares were stars of the day with most of private sectors stocks making a move of 5 - 6% and PSU banks have also done well. India VIX has come down to 21.6 which is positive, but still above comfort zone.
ShortTerm Trend
As ever Nifty has been closing at support levels as it did before since last three weeks. Nifty closing at important support area of 6240 is again could be again after losing 60 points from its top. As of now we are in a short and long term uptrend. We need to close above 6340 to consider that we are in medium uptrend and below 6140 confirms short term down trend. With US also coming with key data by EOD and elections results being announced on Sunday, I am expecting a clear trend in market from Monday for short term.
Intraday
Expect Nifty to open flat and may trade in a range. Expecting a choppy trade today. The key levels to be watched for today is 6227 which if breached and will continue to stay below for 15 minutes it would move Nifty to 6210 and 6197 levels and on the higher Nifty should stay above 6260 for 6275 and 6290. Not a good day to trade in Nifty.
Top pics for the day
Most of my yesterday picks opened with huge gap up and so it is no trade int them and I can take credit for my pics except HUL sell in strong market and JublFood. I am expecting Maruti, Auro Pharma, CoalIndia, SBIN and RelInfrato do well. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot Levels of Index and key Stocks
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