Nifty and other Asian market corrected based on comments of Federal Reserve Bank of Atlanta President Dennis Lockhart on Monday, 13 January 2014, said that the US economy is on solid footing and he would support continued cuts to stimulus despite better than expected CPI data. Nifty made high of 6280, but later drifted down to 6235 below key support of 6250 and closed the day 6243. FII were net sellers to the tune of 250 Crores.
Short term trend
In my earlier comment I wrote if Nifty closes above 6250 for two consecutive days it is good , but it has failed to do and today is key and if we can close above 6250 it is good for the market to move above 6300 and 6350 levels and trend change can happen only if Nifty closes below 6175 for 6130 and 6060. With results of some Nifty biggies expected in few days we could see the move either way, but my bias is towards higher side. India VIX has come down below 16 which is a concerning factor. What is alarming is FII's were not participating in the market and we have seen outflows.
Intraday Levels
Nifty could open positive above 6250 and if it can sustain above this level it is good. Nifty is buy above 6257 for 6273 and 6290 and below 6235 we could see Nifty going to 6220 and 6205.
Top picks for the day
My top pics for the day are Adani Ent, CESC, Zeel, Auro Pharma, TechM, Axis Bank and TataChem. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels for key stocks
Short term trend
In my earlier comment I wrote if Nifty closes above 6250 for two consecutive days it is good , but it has failed to do and today is key and if we can close above 6250 it is good for the market to move above 6300 and 6350 levels and trend change can happen only if Nifty closes below 6175 for 6130 and 6060. With results of some Nifty biggies expected in few days we could see the move either way, but my bias is towards higher side. India VIX has come down below 16 which is a concerning factor. What is alarming is FII's were not participating in the market and we have seen outflows.
Intraday Levels
Nifty could open positive above 6250 and if it can sustain above this level it is good. Nifty is buy above 6257 for 6273 and 6290 and below 6235 we could see Nifty going to 6220 and 6205.
Top picks for the day
My top pics for the day are Adani Ent, CESC, Zeel, Auro Pharma, TechM, Axis Bank and TataChem. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels for key stocks
No comments:
Post a Comment