Broader outlook and levels for Jan 9th, 2014

Nifty opened in positive teritory and made a high of 6190 and has traded in a rang through out the day and and corrected 20 points towards the end closed at 6174 which is just above previous days close. Nifty closed in positive territory first time in this year after four consecutive days of losses. Pharma and banking has done better today.There is negligeble participation by FII's  which is worrying factor. Shortterm Trend Nifty closing below its 50 day DMA  of 6194 and the trend seems to be down though we have made close above 50 EMA of 6170,  I wrote yesterday that two consecutive closes below 6170 is bad and market is heading towards 6100 levels which is minor support. As it did not happen we are safe as of now and the clear trend will be known  in next few days. On the higher Nifty can only considered in uptrend if it closes above 6250 for few days, but immediate resistance is at 6220 levels which is again a minor resistance. Banknifty has done better in closing better and if it can sustain for a day or two we could see some support, if not more pain is expected. Intraday Trend We could open bit weaker, but could find support at 6170 levels. I would go long in Nifty above 6190 for 6205 and 6220 and on the lower side below 6165 for 10 minutes would lead the market to 6150 and 6135 where you may find supports. I would avoid trading Nifty and insted prefer to trade in individual stocks where you will see some moves as Nifty will be in a range and you will see lot of whipsaws. Top picks for the day My top pics for the day are  RelInfra, TechM,Hexaware, DRReddy, ,Bharti Airtel, HPCL and Maruti. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.