Nifty settled with small gains on last trading day of the week and month after seeing high intraday volatility throughout the day and snapped 5 day falling trend. Banking and IT sectors have raised for the day with most of the stocks making good gains. Nifty opened above previous days low and made a high of 6096 and has traded in a range throught out the day and closed at 6089.
Short Term Trend
Told you yesterday that we may see some relief rally which may not sustain and with some major companies coming up with results we may see more volatality, but the bias is downwards. Nifty is good if closes above 6135 for 6190 and 6230 and below 6045 we could see 6000 and 5960. 100 DMA is 6129 and 200 DMA is 5971 and so these are the key levels to be watched. BankNifty is still weak and if it can trade above 10200 it is good if not we could see 10000 and 9800 levels which will keep more pressure on Nifty, I am expecting a small bounce in BankNifty till 10400, but may not sustain.
Intraday Levels
Nifty could open with could open 25 - 30 points below Friday's close and could open at 6060. Nifty is good above 6090 for 6105 and 6120 and lower side below 6060 for 10 minutes we coud see 6045 and 6030. IT and Pharma should do well today we could also see some good surpirsing move towarads higher side in banking also.
Top pics for the day are Axis bank, Arvind, Maruti, CESC, PNB, Tata Motors, GAIL and Lupin . For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels for day of key Stocks and Index
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