Nifty edged higher in choppy trade, with the market sentiment boosted by Narendra Modi's comments on development and growth. Defensive's IT,Pharma and FMCG have corrected where as cyclicles have moved up lead by PSU's and FII's were still buying. FII Bought INR 1350.04 crs and DII Sold INR 348.48 crs
Shorterm Trend
Nifty is good as long as it is above 7000 and shorts can be take only below this level if Nifty trades for few days on the other side if Nifty reaches 7100 and takes support it is a good level to enter for 7300 with SL of 6950. My Target for medium term is 7800 to 8000 if we see some good decisions by new government. I am sure PSU's and cyclical's are going to do well in near future and the upside seems to be still there where as IT and pharma are looking weak may continue to be weak for some more time.
Intraday Levels
We could see gap up again may not be large one and today could be a better trading day than yesterday. Nifty is good above 7300 for 7315 and 7330 and sell below 7250 for 7235 and 7220 and my plan B is sell at 7350 if it crosses and comes down for 7335 and 7320.
Top pics for the day are Voltas,GodrejInd,Hindalco,IDFC,BHEL,RCOM,UPL,TECHM,Lupin and DRReddy for Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
Shorterm Trend
Nifty is good as long as it is above 7000 and shorts can be take only below this level if Nifty trades for few days on the other side if Nifty reaches 7100 and takes support it is a good level to enter for 7300 with SL of 6950. My Target for medium term is 7800 to 8000 if we see some good decisions by new government. I am sure PSU's and cyclical's are going to do well in near future and the upside seems to be still there where as IT and pharma are looking weak may continue to be weak for some more time.
Intraday Levels
We could see gap up again may not be large one and today could be a better trading day than yesterday. Nifty is good above 7300 for 7315 and 7330 and sell below 7250 for 7235 and 7220 and my plan B is sell at 7350 if it crosses and comes down for 7335 and 7320.
Top pics for the day are Voltas,GodrejInd,Hindalco,IDFC,BHEL,RCOM,UPL,TECHM,Lupin and DRReddy for Buy/Sell and correct levels contact vijaykumarrao.invest@gmail.com.
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