Nifty closed 5th consecutive on lower side and is looking very weak despite making a non convincing move to 6180 levels. Nifty opened at 6173 and made a high of 6183 and low of 6146 which is 50 DMA and has closed at above key support area 6153. The latest data showed acceleration of inflation based on the wholesale price index WPI to a 14-month high of 7.52% in November which is worse from bad. Coming back to today's trade, IT stocks rose on renewed buying and other sectors were under performers. FII's were net sellers which is not a good news for bulls.
Shorterm Trend
Nifty is very weak and news is not helping it. Nifty has 50 DMA at 6145 and breaking it could bring more pain as we could head towards 6040 and 5972 and on the higher side we need to cross 6240 convincingly to go back to previous highs which is unlikely in short term and we need a very positive news for this to happen. We may not see it breaking 6145 immediately but would happen eventually. Market is technically oversold and we may see small pullback, but is difficult to sustain at this level and expect more pain.
Intraday Levels
Nifty will opening with gapup is difficult to sustain and eventually be covered today are tomorrow. Yesterday I clearly stated that 6145 is strong support and it took support. Nifty is buy above 6180 for 6195 and 6200 and on the other side below 6160 we could see 6145 and 6130. Strictly follow levels as there every chance of market coming back to support zones after initial euphoria.
Top picks for the day.
My top pics for the day are Tata Motors,Adani Ent, TCS, MC-Dowell and ICICI Bank. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels of key Indices and Stocks
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