Markets hit their highest closing level in almost a week, but at higher levels are still offering resistance on Nifty. Closing was 60 points off the high and 20 points off the low. India VIX is higher by 4% and this shows we are due for some major movement in the market.
Shorterm Term
As stated in my previous blog Nifty found resistance at 6570 and has reversed and it should cross this level strongly for any major up move and it did not happen. We are seeing tiredness in major indicators even though bulls were trying to pull the market up we may see pressure.
If Nifty can trade above 6570 for 2 days we may see good move on the other side it is weak below 6417 for short term and 6350 for medium term are important levels to watch for. But as of now for the short term the trade is only for long side and suggest not to short till we see weakness in the market.
Intraday Levels
As indicated by cues we may see positive opening and can trade for long above 6540 if trades for some time for 6555 and 6570 and lower side below 6520 for 10 minutes we could see 6505 and 6490.
Top pics for the day are IndusInd, SunTV, Bank India, RECLTD,Havells,Tata Motors, Lupin and HCLTech for Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
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