On Friday, market opened flat and later attracted huge buying in all the indices. Buying continue thru out the day mostly in FMCG, Banking, Telecom and Realty. Market breadth was positive. Midcap & Smallcap index closed up 1% in green. For this week level to watch out on upside is 6065 and on downside 5945, close above or below will decide the next move in the market.
For the day, the level of 6005 and 5990 may act as a major support for the market and the level of 6035 and 6050 may act as a major hurdle. Mostly all technical indicators are in an overbought zone so one needs to be cautious at higher levels. Market will be volatile.
The short term trend will turn negative below the level of 5760.
Day trader can go long on nifty above 6035 with stop loss 6020 for target 6050 / 6065 and can go short below 6005 with stop loss 6020 for target 5990 / 5975.
INDEX RANGE
NIFTY: 6018.30
Range: 5915-5995
Resistance: 6035-6050-6065
Support: 6005-5990-5975
BANK NIFTY: 12263.50
Range: 12090-12420
Resistance: 12305-12360-12420
Support: -12195-12140-12090
Short term: Up (5760)
Medium term: UP (5530)
Long term: Up (5180)
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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