Nifty closed 29 points below Mondya's close at 6162 and 5th consecutive fall. Nifty opened well, but slowly it started giving up and has traded at low levels despite its efforts to move up. FII's were net sellers.
Short term trend
Nifty closing below its 50 day EMA and it shows now we are in a clear downtrend and if we close below 6170 for two consecutive days heading towards 6050 and 5970 levels is confirmed. The next level to be watched is 6100 which can act as a minor support area, but major psychological level if breaks we could see sharp sell off till 6000 . On the higher Nifty can only considered in uptrend if it closes above 6250 for few days. Dont rule out a bounce back from these levels but may not sustain for too long. Bank Nifty is extermely weak and is heading towards 10500 levels which is going create extra pressure.
Intraday Levels
We could open positive and I am not ruling out a upward reversal as we have seen one way downward movement but we will face resistance at 6220 and reverse from there. Nifty above 6190 to 62105 and 6220 and below 6160 we could go to 6145 and 6130.
Top pics for the day
My top pics for the day are Adani Ent, Tata Steel, Relcap, Idea, Bajaj Auto and Maruti. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels for Indices and key stocks
Short term trend
Nifty closing below its 50 day EMA and it shows now we are in a clear downtrend and if we close below 6170 for two consecutive days heading towards 6050 and 5970 levels is confirmed. The next level to be watched is 6100 which can act as a minor support area, but major psychological level if breaks we could see sharp sell off till 6000 . On the higher Nifty can only considered in uptrend if it closes above 6250 for few days. Dont rule out a bounce back from these levels but may not sustain for too long. Bank Nifty is extermely weak and is heading towards 10500 levels which is going create extra pressure.
Intraday Levels
We could open positive and I am not ruling out a upward reversal as we have seen one way downward movement but we will face resistance at 6220 and reverse from there. Nifty above 6190 to 62105 and 6220 and below 6160 we could go to 6145 and 6130.
Top pics for the day
My top pics for the day are Adani Ent, Tata Steel, Relcap, Idea, Bajaj Auto and Maruti. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels for Indices and key stocks
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