Nifty fell for the third day in a row triggered by the India Meteorological Department, announcing that the country will likely get below-normal levels of monsoon rain this year and also based on valuations concerns ahead of key results season. FII Bought INR 287.98 crs and DII Sold INR 550.89 crs
Shorterm Term
Nifty came down by 40 points after flat opening and is below key support level of 6740(20 DMA), but we may see some bounce but will find resistance at 6740 and key levels to be watched is 6700 which is minor support and 6650 which is strong support. If we close below 6650 for two days I am sure we are going to see lowere levels of 6550 and 6500. We can go long only if we stay above 6740 for todays for 6810 and 6890.
Banks are looking weak again and Banknifty may not reach its target of 13600, but where as CNX IT is flat since quite some time and I am sure we will see a big move very shortly either, but my bias is upside.
Intraday Levels
We are going to see positive opening, but not sure we can go long in this market till we are above 6770 and suggest sell on rise market till then. If Nifty trades above 6770 we could see 6795 and 6810 and if Nifty crosses above 6740 and comes down I would sell for 6725 and 6710.
Top pics for the day AdaniEnt, RelInfra, TataSponge, SPARC,TataSteel, JindalSteel, Hexaware, BajajAuto and BankIndia for Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Shorterm Term
Nifty came down by 40 points after flat opening and is below key support level of 6740(20 DMA), but we may see some bounce but will find resistance at 6740 and key levels to be watched is 6700 which is minor support and 6650 which is strong support. If we close below 6650 for two days I am sure we are going to see lowere levels of 6550 and 6500. We can go long only if we stay above 6740 for todays for 6810 and 6890.
Banks are looking weak again and Banknifty may not reach its target of 13600, but where as CNX IT is flat since quite some time and I am sure we will see a big move very shortly either, but my bias is upside.
Intraday Levels
We are going to see positive opening, but not sure we can go long in this market till we are above 6770 and suggest sell on rise market till then. If Nifty trades above 6770 we could see 6795 and 6810 and if Nifty crosses above 6740 and comes down I would sell for 6725 and 6710.
Top pics for the day AdaniEnt, RelInfra, TataSponge, SPARC,TataSteel, JindalSteel, Hexaware, BajajAuto and BankIndia for Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
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