Markets edged higher in choppy trade after a survey showed that private sector output across India rose for the first time in eight months during February and that Indian services companies maintained their positive outlook for output growth over the coming year and closed at 6328 which is below 6340. FII Bought INR 185.61 crs and DII Sold INR 344.50 crs
Shorterm Trend
Nifty crossed went past minor next resistance at 6312 and this uptrend is valid as long as Nifty stays above 6240 and if break this level for two days we could see 6180 and 6100. Next major resistance is at 6350 which has failed to cross many times on closing bases and has reversed to very low levels every time it crossed and I think we have reached short term swing high and any move to further highs depends upon with a confident close above 6350 for all time high levels and follow global trend of reaching 52 week highs in most of the markets.
We are in half way in election rally from 5930 which is recent 6 months low and we have moved by 400 points and on the way to reach 6700 in next two months if things pan out as expected in elections. I am sure this rally will not be one way move and should stay above 6400 for any high levelsa we are due for mild correction technically as market is overbought from these levels and that may come from 30 - 40 points higher from now, but is due shortly.
Intraday Levels
As indicated by cues we could open gap at around 6350 and if Nifty can trade above 6250 for 15 minutes we could see 6365 and 6380 and on the lower side below 6330 we could see 6315 and 6300.
Top pics for the day are BhartiAirtl, BankBaroda, Can Bank, Lic Hsg, Sun Pharma, Bata India and TechM for Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Commodity Trend
Would look to sell on Bullion(GOld and Silver) and Energy(Crude and Natural Gas) and Buy Metals but suggest to buy/sell based on levels in live market and my above outlook is only based on broader trend based on previous days data
Pivot Level
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