Nifty opened flat and slowly drifted down and made a low of 6148, but later made a move towards 6184, but ultimately closed at 6171 which is same as yesterdays close. Most of the day market is bearish and bearishness is continuing as there seems to be not much support from buyers. FII's are not buying at all and is a major worrying factor as net buy is only 3 Crores.
Shortterm Trend
Nifty closed just above 50 EMA of 6170, and I feel 6100 will act as a good support at lower with results starting with IT major coming with results we will see a clear direction in next few days. I am sticking ti earlier levels, On the higher Nifty can only considered in uptrend if it closes above 6250 for few days, but immediate resistance is at 6220 levels which is again a minor resistance. We are getting weaker and are diffently heading down and only saving events are Q3 results.
Intradays Trend
We are expected to open weak and as it could below key support levels I expect weakness to continue and is a market which is sell in every rise. Nifty is good only above 6190 for 6205 and 6220 and on the lower side below 6150 for 10 minutes would lead the market to 6135 and 6120 where you may find supports.
Top picks for the day
My top pics for the day are JindalSteel, BankBaroda, IndusInd Bank, Axis Bank, Jubl Food, Hexaware and TCS. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels for key stocks
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