Market opened lower and made a move to 6268 and later cooled and was in a range most of the day. Nifty closed at 6272 after making high of 6275. Not a good day for trading. We have seen buying in couple of sectors, but not a solid indication. Strongest growth is see in power genaration companies led by Tata power. Overall we have seen very good move in the market this week with net addition of 100 point for Nifty this week after exit poll results have indicated BJP winning 3 states.
Short term trend and events to be watched
Expecting high volatility this week as market will react to election results with BJP doing well and also we have IIP data coming in Dec, 12(Thursday). U.S. unemployment rate hits a 5 year low of 7% from 7.3% to 200k jobs and this indicates Fed will start to taper within the next 2 months. US economy is growing faster than expected. Indian market will react to all these and we may see high of 6400 on higher side and 6100 lower side. I feel Nifty should stay above 6240 to consider it as bullish which could take it to 6420 but sustaining at this level is not easy as reality will creep in and lower side below 6160 we could see Nifty going back to its recent lows of 6100 and 6040 this week. It is not easy for Nifty to stay at it high for too long.
Intraday Trend
With BJP doing well in all 4 states though in Delhi it is short of majority we will see huge gapup of 110 - 140 points which will help it to reach all time high. I suggest not to trade Nifty today as market will be overheated. You need to be careful as we may also profit booking later in the day. Suggest to trade in stocks instead.
Stocks for the day
Top pics for the day are Relinfra, AdaniEnt, Jublfood, IDFC and SBIN. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels of Key stocks
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