Nifty opened flat and is negative biased initially for first 30 mins and later made a decent rally to 6300 and was not able to sustain at this level for too long and went back to previous close, but later made rally towards 6300. FII's were net buyers of 384 crores and what is looking good is DII's bought 310 crores.
Shorterm Trend
Wrote yesterday that Nifty has short term resistance at 6305 if Nifty was able to close above 6250 and it most of the day, nifty was not able to cross this level and next resistance is 6350 and for the trend to be changed Nifty should close below 6250 for two days for levels of 6190 and 6130. Banking is major trend setter and today BankNifty did well along with IT for a major move above 6300. Nifty PCR Ration is now at 1.30 after long time and the type of support we are seeing at 6250 we could see move very shortly towards 6350 as indicated by technical Indicators.
Intraday Day
As indicated Nifty is going to open above 6315 and now the import thing is Nifty should cross 6315 convincingly with volumes and stay for 15 mins for 6330 and 6345 which is very strong resistance and on the lower side below 6285 we could see 6270 and 6255. IT is strong is the leader and banking should support for further move in Nifty. What is also good is we have closed at highest level of the day.
Top picks for the day
My top pics for the day are Auro Pharma, IndusInd Bank, SSLT, Adani Ent, Relinfra, RCOM , Asian Paints, Wipro and Havells. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels for key stocks
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