We had a lackluster day with Nifty opening well above day befores close, but after making a high og 6346 which is near key resistance area it has reversed and lost its gain and the bias is downwards and made a low of 6300, but took support and closed at 6318 which is 2 points less than previous day. FII's were buyers to the tune of 480 crores and DII's were sellers of 700 crores and we have seen profit booking and Midcaps and Small caps underperformed which is not a good indication.
Short term trend
Yesterday I wrote that we have a history of Nifty getting weaker near 6350 levels and it did that. I am reaterating that if Nifty want to move to all time high it should cross 6360 confidently and it seems Nifty doesn't have enought strength and it seems very tired and is slowly drifting down to 6280 level from where it may find strength. Nifty is good above 6360 for 6400 and 6440 and below 6260 it could go to 6195, 6140 which are very good support areas. Banking is getting weaker which is a
concern and also IT and Pharma is taking pause.
Intraday levels
As indicated we could see Nifty opening just above 6305 and also as we are seeing profit booking which is keeping more pressure on Nifty and I am bias towards lower levels, but suggest not to trade today. Above 6320 we could see 6335 and 6350 and below 6290 we could see 6275 and 6260.
Top picks for the day
My top pics for the day are Bharti Airtel, Bharat Forge, Axis Bank, JublFood, HCLTech and BHEL. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels for key stocks
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