As expected Nifty opened weak and never seemed to recovered and failed to go above days open and closed at 6135.6 and which is below the key support level. Banking, Metals and reality were biggest losers and we have seen across the board selling which is biggest fall since September, 2013. With in few day Nifty PCR has come from 1.3 to awful 0.88 and VIX has gone to 18.6 which shows a clear strength in trend which is down. FII Sold INR 1334.21 crs and DII Bought INR 151.02 crs which is alarming.
Shorterm trend
With Nifty closing below 6140 levels and if close one more day below this level we are going to see more selling pressure and we could move to 6080, 6000 and 5960 levels very shortly which is 200 day DMA . Market breath is extremely weak and lot depends on RBI policy anouncement. Nifty can only look good above 6250 which it jumped with a huge gap down and I am sure we are going to have this gap filled some time from now.
We are now below 32.8 retracement level which is 6144, and 100 day DMA is at 6100 which is next hope, with the type of fall we are seeing I dont see this support holding with lot of selling pressure. IT and Pharma are only lifelines, but they dont have the capacity to take Nifty if banking and other rate sensitives turns even more bearish. Suggest to move to defensives like IT, Pharma and FMCG and go short on Rate sensitives like Banking, Auto and Reality and Cyclicls like Metals and Infra.
Intraday Trend
No support will work in current market we seems to be one way route which is down. Today we also have RBI policy which could play major role in market movement unless they surprise the market with cut/increase in rates. Majority expect status quo. We may see gap down of 30 points which will see market opening at 6110 Suggest not to trade till policy announcement which will come at 11 AM and then take a trade. Nifty is good below 6090 for 6075 and 6060 if it stays below this level for 10 minutes and above 6110 for 10 minutes we could see 6125 and 6140. Banknifty is good trade and is now looking to reach 10350 to 10400 in next few days. We may see Nifty and Banknifty pullback if RBI comes out with optimistic moves and it is not ruled out, but I dont think it can sustain for long.
Top pics for the day
No not easy to pic stocks for today as we have seen across the board selling and now we need to be carefull, but my top pics for the day are Jindal Steel, Bicon, Relcapital, Tata Steel, Maruti and Glenmark.For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot Levels for Key stocks and Index
Shorterm trend
With Nifty closing below 6140 levels and if close one more day below this level we are going to see more selling pressure and we could move to 6080, 6000 and 5960 levels very shortly which is 200 day DMA . Market breath is extremely weak and lot depends on RBI policy anouncement. Nifty can only look good above 6250 which it jumped with a huge gap down and I am sure we are going to have this gap filled some time from now.
We are now below 32.8 retracement level which is 6144, and 100 day DMA is at 6100 which is next hope, with the type of fall we are seeing I dont see this support holding with lot of selling pressure. IT and Pharma are only lifelines, but they dont have the capacity to take Nifty if banking and other rate sensitives turns even more bearish. Suggest to move to defensives like IT, Pharma and FMCG and go short on Rate sensitives like Banking, Auto and Reality and Cyclicls like Metals and Infra.
Intraday Trend
No support will work in current market we seems to be one way route which is down. Today we also have RBI policy which could play major role in market movement unless they surprise the market with cut/increase in rates. Majority expect status quo. We may see gap down of 30 points which will see market opening at 6110 Suggest not to trade till policy announcement which will come at 11 AM and then take a trade. Nifty is good below 6090 for 6075 and 6060 if it stays below this level for 10 minutes and above 6110 for 10 minutes we could see 6125 and 6140. Banknifty is good trade and is now looking to reach 10350 to 10400 in next few days. We may see Nifty and Banknifty pullback if RBI comes out with optimistic moves and it is not ruled out, but I dont think it can sustain for long.
Top pics for the day
No not easy to pic stocks for today as we have seen across the board selling and now we need to be carefull, but my top pics for the day are Jindal Steel, Bicon, Relcapital, Tata Steel, Maruti and Glenmark.For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot Levels for Key stocks and Index
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