Nifty registered small gains after moving in a narrow range in intraday trade on Friday. Tyre stocks moved up and is best performing sector otherwise it has been lackluster day, but we have seen good trading opportunities in selected. Let us not consider trading on Saturday as it is for very short period without any major participation.
Shorterm Term
Support at 6480 is still holding which is important support zone and I strongly feel a strong close below this level could see some short term correction which is good for the market. We are in a zone for a week and I think time has come for a big move either side, but my bias is for downside. Below 6480 for few days could lead to 6417 and 6350. Major trend change can only be seen if Nifty closes below 6350 for two days. On the higher side Nifty should close above 6570 to reach 6700 and it is not easy to reach, but for the very short term Nifty above 6520 we could see 6560 levels.
Intraday Levels
As indicated by cues we may see positive opening and if it can trade above 6520 we could see 6535 and 6550 and below 6480 we could see 6465 and 6450. IT and Pharma could see some action as stated in my previous outlook.
Top pics for the day are AxisBank, JSWSteel, TataSteel, Adani Ent, Lupin, Glenmark and Zeel for Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Shorterm Term
Support at 6480 is still holding which is important support zone and I strongly feel a strong close below this level could see some short term correction which is good for the market. We are in a zone for a week and I think time has come for a big move either side, but my bias is for downside. Below 6480 for few days could lead to 6417 and 6350. Major trend change can only be seen if Nifty closes below 6350 for two days. On the higher side Nifty should close above 6570 to reach 6700 and it is not easy to reach, but for the very short term Nifty above 6520 we could see 6560 levels.
Intraday Levels
As indicated by cues we may see positive opening and if it can trade above 6520 we could see 6535 and 6550 and below 6480 we could see 6465 and 6450. IT and Pharma could see some action as stated in my previous outlook.
Top pics for the day are AxisBank, JSWSteel, TataSteel, Adani Ent, Lupin, Glenmark and Zeel for Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
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