Nifty opened flat and made a low of 6085 at 11.05 AM when RBI has come up with Repo rate has been increased by 25 basis points to 8% . Indian stocks fell for the third day and closed at 6126 which is below key support level of 6142 for 2 days. Maruti Suzuki India tumbled in volatile trade after the company came with proposal by Suzuki to own plant and sell the cars to Maruti which is example for bad governence and has is biggest dragger of Index. FII Sold INR 1267 crores and DII Bought INR 1179 crores.
Shortterm Trend
Yesterday I said we could go to 6080 below 6144 and we have made a low of 6085 and found support and made a good recovery for 6147 which is again my level 6144, but towards end of the day Maruti dragged the index and closed below key level for second day. If we continue to stay below 6144 which is 32.8% Fibonacci retracement level, I am reiterating that 6080, 6000 and 5960 are possible and it may not be a one way journey and on the higher side above 6250 we could see 6300 and 6350. We may see some pullback as market is in extreme over sold zone and we could see a small pullback to 6180 - 6200, but we will see the selling pressure again at these levels. We also has gap to be filled between 6260 to 6190 and I am not saying it will happen now, even if it happens it is going to be half fill.
Intraday Trend
I expected in my previous support at 6080 and resistance at 6144 and look at the way Nifty has traded. We are going to see flat to positive opening and I think we may see volatility as we are approaching expiry whichi just a day away. Nifty is buy above 6140 if it stays for 10 minutes for 6155 and 6170 and below 6120 we could see 6105 and 6090. IT is what I am looking to buy along with some beaten down stocks.
Top pics for the day
Top pics for the day are Bajaj Auto, Axis Bank, Tata Com, Maruti, Auro Pharma and Dabur .For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Commodity calls
Will look to buy Energy, Bullion and Sell on Base Metals and would Buy/Sell on based on levels
Pivot Levels for Key stocks and Index
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