Small gains took BSE Sensex, to a record closing high and the Nifty to its highest closing level in more than six weeks, but I feel the breath of the market is indicating tiring. Nifty opened at 6335 and is in range through out the day but made a slow rally to above 6350, but was not able to sustain and closed at 6345 which is below . FII were buyers of 400 crores and DII's were sellers of nearly of same quantity.
Shortterm Trend
The trend is up for short term and we are seeing slowly, steady but tiring move towards above 6350 which is very strong resistance since last three months. If we can close above 6350 for 2 days for move to 6416 and 6450 and on the lower side, if it closes below 6300 we could see 6250 and 6200. I am expecting minor support at 6305 and we may see support at these levels, but major support is at 6250. US is at lowest close in a month and where as we are at highest in last 45 days. Nifty VIX is at 15.58 and it shows complacency and I am sure we are going to see some sudden action.
Intraday levels
We may see gap down of 30 points in Nifty, but may find support at key support levels of 6310 levels and I suggest to buy Nifty above 6320 for 6335 and 6350 and on the lower side if Nifty goes below 6300 and stays there for 15 minutes, we could move to 6285 and 6270. Banking is giving clear indication of tiredness and the bias is towards downside.
My top pics for the day are Adani Ent, M&M, Titan, Axis Bank, LT, BankBarado, Glenmark and Jindal Steel. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels of Index and key stocks for the day
Shortterm Trend
The trend is up for short term and we are seeing slowly, steady but tiring move towards above 6350 which is very strong resistance since last three months. If we can close above 6350 for 2 days for move to 6416 and 6450 and on the lower side, if it closes below 6300 we could see 6250 and 6200. I am expecting minor support at 6305 and we may see support at these levels, but major support is at 6250. US is at lowest close in a month and where as we are at highest in last 45 days. Nifty VIX is at 15.58 and it shows complacency and I am sure we are going to see some sudden action.
Intraday levels
We may see gap down of 30 points in Nifty, but may find support at key support levels of 6310 levels and I suggest to buy Nifty above 6320 for 6335 and 6350 and on the lower side if Nifty goes below 6300 and stays there for 15 minutes, we could move to 6285 and 6270. Banking is giving clear indication of tiredness and the bias is towards downside.
My top pics for the day are Adani Ent, M&M, Titan, Axis Bank, LT, BankBarado, Glenmark and Jindal Steel. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels of Index and key stocks for the day
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