Markets surged on Monday to end nearly 2% higher recording their highest single-day since last Novemeber led by IT majors and hopes that the Reserve Bank of Indiawould maintain status quo on key policy rates for the second straight month and also taking cues from US job data expecting even tappering may not be accelerated in near future. Nifty opened made a high of 6244 in first 15 mins and is in a range below key resistance figure which happens to be 6250 through the day and made a rally in last 30 minutes to close at 6272 which is well above 6250. FII's were net buyers.
Short term Trend
With better than expected CPI data we are going to see a strong rally again and as we have closed above 6250 very convincingly and also with results in this weak from Industry heavies are expected to be better. Now next resistance we have is at 6340 and above it 6400 and it may not be a one way ride, but is bound to reach that level. Rupee strength could also add to this rally as Dollar is getting weaker which is a major boost. Nifty is weak below 6130 for 6060 and 5972 which may not happen
in near term. India VIX has come back to 16 levels and may go above 16 levels in few days which is good for the market. Nifty PCR ratio has increased drastically to 1.17 which is very bullish indication as we have seen lot of put writing happening at 6200 which is a clear indication that 6200 will act as a good support for short term.
Intraday Trend
We are going to see gap down today which is good as we are going to fill some gap. US market closed lower and Asian markets are also supporting this move. Nifty is buy above 6250 for 6265 and 6280 and below 6225 we could see 6210 and 6195.
Top picks for the day
My top pics for the day are HDFC Bank, TechM, Ranbaxy, Wipro Bharat Forge and Siemens. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels for key stocks
Short term Trend
With better than expected CPI data we are going to see a strong rally again and as we have closed above 6250 very convincingly and also with results in this weak from Industry heavies are expected to be better. Now next resistance we have is at 6340 and above it 6400 and it may not be a one way ride, but is bound to reach that level. Rupee strength could also add to this rally as Dollar is getting weaker which is a major boost. Nifty is weak below 6130 for 6060 and 5972 which may not happen
in near term. India VIX has come back to 16 levels and may go above 16 levels in few days which is good for the market. Nifty PCR ratio has increased drastically to 1.17 which is very bullish indication as we have seen lot of put writing happening at 6200 which is a clear indication that 6200 will act as a good support for short term.
Intraday Trend
We are going to see gap down today which is good as we are going to fill some gap. US market closed lower and Asian markets are also supporting this move. Nifty is buy above 6250 for 6265 and 6280 and below 6225 we could see 6210 and 6195.
Top picks for the day
My top pics for the day are HDFC Bank, TechM, Ranbaxy, Wipro Bharat Forge and Siemens. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels for key stocks
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