Nifty edged higher for the second day in a row after Finance Minister P Chidambaram set a lower fiscal deficit target of 4.1% of GDP for 2014-15 at the time of announcement of the Interim Budget for 2014-15 on Monday .As stated before Nifty found resistance at 6140 after flat opening and closed at 6127 which is very good close with a gain of 53 points. Yesterday FII Bought INR 292.23 crs and DII Sold INR 154.83 crs.
Shorterm Trend
Nifty crossed 6100 and almost all met my target of 6140 and if it can stay above 6100 for one more day we could see Nifty touching 6180 - 6200 as momentum is there and Banking has done very well, if banking can do well it is not difficult to move to this level, but strongly feel it is not time for us to be complacent as it is not easy to sustain at higher levels as market requires strong legs and it seems it does not have them as of now. Now below 6040 we could go to 5980 and 5930 levels.
Yesterday we saw PSU banking moving up which has helped Nifty move up and if this contains I am sure we are going to see higher levels and if it is just short covering we may slide to lower levels, but things are not bearish and also Capital goods have gained yesterday after ABB has come up with very good results. Gold and Crude are at 3 - 4 months high.
Intraday Levels
We could open flat as indicated and If Nifty can trade above 6140 for 15 minutes we could see 6155 and 6170 and on the lower side below 6105 for 15 minutes we could see 6090 and 6075. Please look to buy in capital goods sector which has come down as lot, but will do well in short term.
Top pics for the day are Axis Bank Auro Pharma, LT, Siemens, TechM, Sun Pharma and Kotak Bank for Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Commodity Levels
Will look to buy Gold and Silver, Crude, Copper Nickel and Zinc where as sell in Natural Gas but will suggest to trade based on levels in live market and my above outlook is based on broader trend based on previous days data.
Pivot levels of Key Stocks
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