We have seen huge sell of and Nifty has closed at 6001 and from a high of 6074. It has been a one way move which is down and we are going to see more pain with liquidity coming down. FII's sold 740 crores and DII's sold 70 crores.
Shorterm Trend
Now we are in a medium term down trend as Nifty broke 6045 and we have closed at 6000 which is immediate support and next support is only at 5950 - 5970 levels as 200 DMA is 5971 which is key support and life line. If we break this level convincingly I am sure we are heading to 5850 and 5700 levels and on the higher side above 6140 we are in shorterm up trend and above 6250 we are in a medium term uptrend. Financial markets world wide were moving down and Dow Jones is below 200 day DMA.
We are clearly in a medium term bear market and I suggest you not to get take fresh exposure towards long positionally as we seems to be heading down further another 100 - 150 points.
Try to sell stocks which have high FII's exposure and if you have exposure please sell at every rally. We may see small relief rally from lower levels as corrections are not going to be one sided, but wont see it sustaining for long.
Intraday Levels
We are going to have gap down of 60 points in Nifty and could open around 5940. If Nifty can trade above 5950 for 15 minutes we could see 5965 and 5980 and on the lower side if Nifty is not able above 5940 we could see 5925 and 5910. What is alarming is even IT is cracking and Pharma may follow later which is not a good sign, but you can short any metal company that is there on your screen.
Top pics for the day are Bajaj Auto, Lupin, Tata Motors, Tata Steel, Infy, ICICI Bank and Hindalco. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Commodity calls
Will look to buy Bullion and Sell in Energy and Base metals But suggest to take a call based on your levels.
Pivot Levels for Index and stocks
Shorterm Trend
Now we are in a medium term down trend as Nifty broke 6045 and we have closed at 6000 which is immediate support and next support is only at 5950 - 5970 levels as 200 DMA is 5971 which is key support and life line. If we break this level convincingly I am sure we are heading to 5850 and 5700 levels and on the higher side above 6140 we are in shorterm up trend and above 6250 we are in a medium term uptrend. Financial markets world wide were moving down and Dow Jones is below 200 day DMA.
We are clearly in a medium term bear market and I suggest you not to get take fresh exposure towards long positionally as we seems to be heading down further another 100 - 150 points.
Try to sell stocks which have high FII's exposure and if you have exposure please sell at every rally. We may see small relief rally from lower levels as corrections are not going to be one sided, but wont see it sustaining for long.
Intraday Levels
We are going to have gap down of 60 points in Nifty and could open around 5940. If Nifty can trade above 5950 for 15 minutes we could see 5965 and 5980 and on the lower side if Nifty is not able above 5940 we could see 5925 and 5910. What is alarming is even IT is cracking and Pharma may follow later which is not a good sign, but you can short any metal company that is there on your screen.
Top pics for the day are Bajaj Auto, Lupin, Tata Motors, Tata Steel, Infy, ICICI Bank and Hindalco. For Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Commodity calls
Will look to buy Bullion and Sell in Energy and Base metals But suggest to take a call based on your levels.
Pivot Levels for Index and stocks
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