Nifty opened better than expected at 6220 despite Asia being weak, but started reversinh and was in a range but has failed in its attempts to cross 6200 hundred and closed at 6191 after making a low of 6173. What is important is Nifty was able to close above 50 day DMA of 6190. India VIX is now at 16.5 which is good. FII's were net sellers of 300 Crores.
Short term TrendNifty took support at 50 day EMA and closed above 50 day DMA which is 6190 on Monday. From the past 3 months this is fourth time Nifty took support at 50 day EMA and this is a good indication as bull are not ready to give up and on the other side bears are not that confident. I will stick to my short term levels above 6250 we will head to 6300 and 6350 and below 6160 - 70 we could head to 6100 and 6060. I see a strong chance of visiting 6060 before moving to all time highs with not good economic data and also path for BJP could not be easy despite doing well in recent elections as AAP could split votes and create in stanble government. India VIX is getting better which is good indication of further strength of trend. Nifty could bounce back from this level to 6250, but will not able to cross this level and there is a strong chance of reversing this level and ultimately breach the 50 EMA to go to 6000 levels.
Intraday levels
Nifty could open flat and the bias is towards positivi side as we have seen good fall for four consecutive days. Nifty is good above 6212 for 6227 and 6242 and below 6190 we could go to 6175 and 6160. Please watch rupee which is getting weaker. Banks are looking very weak as we are seeing delivery based selling and export based sectors like Pharma, IT, Textile and Auto ancillaries are doing well and will continue to do well with global economies getting better.
Top pics for the day
My top pics for the day are Adani Ent, Bank Baroda, Voltas, Bharat Forge, Sunpharm, Havell and JSW Steel. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels for Indices and key stocks
Short term TrendNifty took support at 50 day EMA and closed above 50 day DMA which is 6190 on Monday. From the past 3 months this is fourth time Nifty took support at 50 day EMA and this is a good indication as bull are not ready to give up and on the other side bears are not that confident. I will stick to my short term levels above 6250 we will head to 6300 and 6350 and below 6160 - 70 we could head to 6100 and 6060. I see a strong chance of visiting 6060 before moving to all time highs with not good economic data and also path for BJP could not be easy despite doing well in recent elections as AAP could split votes and create in stanble government. India VIX is getting better which is good indication of further strength of trend. Nifty could bounce back from this level to 6250, but will not able to cross this level and there is a strong chance of reversing this level and ultimately breach the 50 EMA to go to 6000 levels.
Intraday levels
Nifty could open flat and the bias is towards positivi side as we have seen good fall for four consecutive days. Nifty is good above 6212 for 6227 and 6242 and below 6190 we could go to 6175 and 6160. Please watch rupee which is getting weaker. Banks are looking very weak as we are seeing delivery based selling and export based sectors like Pharma, IT, Textile and Auto ancillaries are doing well and will continue to do well with global economies getting better.
Top pics for the day
My top pics for the day are Adani Ent, Bank Baroda, Voltas, Bharat Forge, Sunpharm, Havell and JSW Steel. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels for Indices and key stocks
No comments:
Post a Comment