Nifty is weak today opening well below 6300 and below 6280 it made sharp 25 point and never recovered and most import is it closed at lowest level of the day below key support area 6240 at 6230. It was solid bearish rally and we are now in a short term downtrend. What we have seen yesterday is very bad FII buying which is the only buying force behing market. The market breadth, indicating the overall health of the market, was negative. In the foreign exchange market, the rupee edged lower against the dollar.
Shortterm Trend
I am expecting bearishness to continue as we are below the key support level of 6240 and is heading towards 6160 in short term as data in India is not supporting market and is very bad. I see Nifty going to lower levels if we go below 6160 to 6040 and 5972 and on the higher side above 6280 we could go to 6340. IIP contracted to -1.8 percent in October, CPI has touched an astounding 11.24 percent mark in November which is horrible and The poor data leaves no room for any doubt that Reserve Bank (RBI) will raise key rates next week. Banks and key interest rate sensitive sectors will under perform and will give good oppurtnities for shorters.
Intraday Levels
Nifty will open weak atleast below 6190.Nifty can be bought only above 6240 and I feel it is a solid sell once market settles below 6190 for 6175, 6160 and 6145, if you get levels or else can sell at every rise in the market. Keep a eye on banking stocks for shorts.
Top picks for the day.
My top pics for the day are Sun TV, SSLT, Axis Bank, Adani Ent and BOB. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels of Key stocks
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