On Monday, market opened gap-up and traded in a range. During second half of the session some selling came in from higher levels but market manage to close in green. Metals, Oil & Gas and Realty attracted good buying whereas Banking and IT remain under selling pressure. Market breadth was mixed more over on negative side. Midcap & Smallcap index closed slightly in green.
For the day, the level of 6015 and 5995 may act as a major support
for the market and the level of 6055 and 6075 may act as a major hurdle. Mostly all technical indicators are in an overbought zone so one needs to be cautious at higher levels.
The short term trend will turn negative below the level of 5860.
Day trader can go long on nifty above 6055 with stop loss 6035 for
target 6075 / 6095 and can go short below 6015 with stop loss 6035
for target 5995 / 5975.
INDEX RANGE
NIFTY: 6035.65
Range: 5995-6075
Resistance: 6055-6075-6095
Support: 6015-5995-5975
BANK NIFTY: 12253.20
Range: 12085-12415
Resistance: 12305-12360-12414
Support: 12195-12140-12085
Short term: Up (5860)
Medium term: UP (5530)
Long term: Up (5180)
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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