Indian stocks edged lower in choppy trade after US Fed announced further reduction in its monthly bond purchases and signaled that it is likely to keep reducing its purchases in the coming months, citing a pickup in US economic activity and we have seen 5th straight day down move in Nifty. FII were net sellers for 430 crores and DII bought 130 crores. Nifty opened with huge gap down and opened at 6066 levels and has moved further down despite efforts to recover from levels has made a low of 6027 but recovered in last 30 minutes to close at 6073 on short covering. India VIX is at 17.25 down by 0.79 which is a clear indication of trend clarity which is downside.
Shortterm trend
Nifty is extremely oversold and we may see relief rally which could be temporary and there is also posibility to fill the gap it has created on 30th, Jan in next few days, but wont expect more than that as of now. Nifty is good above 6140 if it closes for two consecutive days for 6190 and 6240 and on the lower side below 6050 we could see 6000 and 6050. BankNifty is worst performing along with Metals and for Nifty to make any move BankNifty is important as it is heaviest in index. I am expecting selling at every logical high level for short term.
Intraday Levels
Nifty could oppen with small 5 - 7 points positive, but could see some volatality on the Nifty but bias is towards upside for the day. Nifty is good above 6090 for 6105 and 6120 and lower side below 6060 for 10 minutes we coud see 6045 and 6030. IT should do well today and please look for good stocks to trade in it.
Top pics for the day are Hero Motors, Titan, Auro Pharma,Gail, TechM, Voltas and DrReddy. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Commodity calls
Will look to buy Bullion at current levels as they made low and are at good support and Sell on Base Metals except Copper and Negative on Energy in both Crude and Natural Gas, but will suggest to trade based on levels.
Pivot Levels for Index and stocks
Shortterm trend
Nifty is extremely oversold and we may see relief rally which could be temporary and there is also posibility to fill the gap it has created on 30th, Jan in next few days, but wont expect more than that as of now. Nifty is good above 6140 if it closes for two consecutive days for 6190 and 6240 and on the lower side below 6050 we could see 6000 and 6050. BankNifty is worst performing along with Metals and for Nifty to make any move BankNifty is important as it is heaviest in index. I am expecting selling at every logical high level for short term.
Intraday Levels
Nifty could oppen with small 5 - 7 points positive, but could see some volatality on the Nifty but bias is towards upside for the day. Nifty is good above 6090 for 6105 and 6120 and lower side below 6060 for 10 minutes we coud see 6045 and 6030. IT should do well today and please look for good stocks to trade in it.
Top pics for the day are Hero Motors, Titan, Auro Pharma,Gail, TechM, Voltas and DrReddy. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Commodity calls
Will look to buy Bullion at current levels as they made low and are at good support and Sell on Base Metals except Copper and Negative on Energy in both Crude and Natural Gas, but will suggest to trade based on levels.
Pivot Levels for Index and stocks
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