Broader outlook for the Week and Dec, 2nd

Nifty opened flat and made a move of 60 points in first 20 mins after getting positive news of DII's buying for the first time in a month. It made a high of 6182 and its low is  opening which is very positive news and ultimatelty closed at 6177 which is well above 80 points. This is almost all 120 points from previous expiry. All this because of buildup for Dec, 8th elections results in four states which is considered by many as Semifinals before general elections and also expected Q2 GDP,
though they are better than before, but what is positive it seems economy is bottoming and is looking for up move.

Short term Trend
With BJP  expected to do well and many were considering is as better controlled than congress and its PM candidate Modi is seen as investor friendly worldwide. Nifty after closing above 6161 as confirmed its change of trend for short trend and could go to 6212(last time it found resistance) and 6235. Nifty should cross 6240 to reach Diwali high of 6342 which could happen on Dec, 8th if everthings goes as predicted but see a top fo 6400 which could act as strong resistance and at the lower end below 6140, there is strong chance for us to go to 6040 and 5972 levels. We could see a wild swing either way of 200 - 250 points on Dec, 9th based on results and so I feel Dec,6th which happens to be Friday can be a big day for strategies. Though technical looking good, I suggest to trade with strict SL and trade with caution. What I observerd by accident is we have formed double bottom at 5972 on Nov, 13th and Nov, 22th, which we have tested twice and the fort is still holding strong and so we are definetly heading upwards. What is concerning is VIX is still above 21 which is not good news, but we could see change in it today. Centimentally also traditionally December has been better than November. Expect Axis Bank, ICICI Bank, SBIN, LT, Maruti and Adani Enter to do well this week.


Intraday Trend
Nifty could open  positive than previous closing, based on domestic and international cues(China's PMI is just less than previous), Nifty if it can sustain above 6195 for 15 mins could go to 6212, 6227 and lower side Nifty below 6161 is weak and could go to 6140 and below it we could see more pain. Technicals were clearly indicating upmove and if you believe in technical, please follow them strictly as stated above.


Top pics for the day
I am expecting Axis Bank, Adani Ent, Indus Ind, Petronet & M&M to do well.  For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.

Pivot Levels