Nifty started well and was in a range till 2 PM and when suddenly hell broke as is started dropped in choppy trade as European stocks declined as gauges of manufacturing in China and also based on some rumours in the market and closed at 6212. All the heavy weights lead by banking started reversing all its early morning gains and later we have seen across the board selling. What we have seen is FII's buying to the tune of 600 crores .
Shorterm Trend
The trend is now bearish with the type of fall we have seen, I told u before that 6350 is strong resistance and Nifty was not able to cross it till after noon and now it is below 6250 which is a good support area. Nifty above 6250 is good for 6280 and 6320 and below 6160 we could see 6100 and 6060. I am expecting a range of 6000 - 6400 this series. VIX coming back to 17 levels is good as it has moved to 16.5 and so we will see more action.
Intraday Levels
We are going to see gapup down to the extend of 60 points as indicated and so we could open around 6160. I feel we can stay above 6160 by end of the day it is fine,but we trade below this level we could see more pain and is heading towards 6100. Below 6160 we could go to 6145 and 6130 and above 6180 we could go to 6195. Keep a eye on banks which could be biggest movers.
Top pics for the day
My top pics for the day are Yes Bank, Sun TV, Adani Ent, IDFC and PNB. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels for Indices and key stocks
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