Nifty edged lower as hawkish comments on inflation from RBI Governor Raghuram Rajan triggered speculation that there will be raise in repo rate policy review next week. Indian stocks fell for the second day in a row today. Nifty opened at 6307, but drifted to low of 6280 and later made a high of 6326 in the last 15 minutes and closed at 6322 which is better than expected. As expected by me Nifty found support at 6280. Even though FII's were buyers, DII's were equal sellers.
Short term Trend
Nifty has covers most of the gapup it has created on Monday by reaching low of 6280 which is good. I am repeating Nifty should cross 6415, which happens to be immediate resistance to make a move to 6500 and lower side below for the short term 6280 has acted as support on Wednesday and 6240 is major support and breaching them would create panic in the market and we could see 6160 and 6000 for short term. India VIX is doing well by reaching to levels of 17.5. I am sure we may see levels of 6100 very shortly, seeing the forthcoming events .
Intraday trend
Nifty is weak yesterday and made a recovery towards end of the day and expect my yesterdays levels will stand today also. Nifty is expected to open soft and we may see it opening at sub to near 6300 levels and below 6300 we could see it going to 6280, 6260 and 6245 and on higher side above 6340 we could see it going to 6355 and 6370. I continue to be bearish on Banking and Capital goods and the other side expecting upside in IT, Pharma and FMCG which are defensive. I am seller in this market till 6140.
Top picks for the day.
My top pics for the day are Wipro,JublFood, Auro Pharma, Infy, RCOM and Ceat. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels of Key stocks
Short term Trend
Nifty has covers most of the gapup it has created on Monday by reaching low of 6280 which is good. I am repeating Nifty should cross 6415, which happens to be immediate resistance to make a move to 6500 and lower side below for the short term 6280 has acted as support on Wednesday and 6240 is major support and breaching them would create panic in the market and we could see 6160 and 6000 for short term. India VIX is doing well by reaching to levels of 17.5. I am sure we may see levels of 6100 very shortly, seeing the forthcoming events .
Intraday trend
Nifty is weak yesterday and made a recovery towards end of the day and expect my yesterdays levels will stand today also. Nifty is expected to open soft and we may see it opening at sub to near 6300 levels and below 6300 we could see it going to 6280, 6260 and 6245 and on higher side above 6340 we could see it going to 6355 and 6370. I continue to be bearish on Banking and Capital goods and the other side expecting upside in IT, Pharma and FMCG which are defensive. I am seller in this market till 6140.
Top picks for the day.
My top pics for the day are Wipro,JublFood, Auro Pharma, Infy, RCOM and Ceat. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels of Key stocks
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