Nifty edged higher in a choppy trading session and has hit their highest closing level in one week. International cues were supportive and broader market did well to close at a good level. Despite a good opening at one time, Nifty made a low of 6030, but recovered to cover the loss and closed at 6063. What is looking good is both FII and DII were net buyers.
Short Term trend
Nifty seems to be in better position with recent rally from its lows of 5930, but we could also see a U turn if things are not supportive with some key data to be released shortly and also results which are due in next week. Nifty above 6040 which is good support area and if Nifty can close above 6100 we could see 6145 and 6190 and weakness can be seen below 6040 and we could see 5980 and 5940.
If Nifty can close above 6145 I think we could see a good rally to higher levels as strong hands are seen entering into market at lower levels and this could be pre election rally. We also remember when ever every one has written market to go down it has rebounded and this could again happen, but the rally has been lead by Cement and Steel, if we really have to see rally we need support from broader market which is not coming. May be we will get to know which direction market is going to trade in next few days.
Intraday Levels
We are going to have positive opening and as indicated by cues and could open around 6085. If Nifty can trade above 6090 for 15 minutes we could see 6105 and 6120 and on the lower side if Nifty is not able below 6060 we could see 6045 and 6030.
Top pics for the day are Tata Steel, Ambuja Cem, Hexaware, SBIN, GodrejInd,NMDC and DLF. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Pivot levels of Key Stocks
No comments:
Post a Comment