On Thursday, market opened flat and was on a down move due to sell-off in mostly all the indices. During last hour of session good buying came in Banking, Metals and FMCG counter which lead the market to recover from day low and closed higher with good gains. Overall it was a highly volatile trading session. Market breadth was negative. Midcap index close in red whereas Smallcaps index closed slightly in green.
For the day, the level of 6015 and 5990 may act as a major support for the market and the level of 6045 and 6070 may act as a major hurdle. Mostly all technical indicators are in an overbought zone with some showing negative divergence so one needs to remain cautious.
The short term trend will turn negative below the level of 5945.
Day trader can go long on nifty above 6050 with stop loss 6030 for
target 6070 / 6085 and can go short below 6010 with stop loss 6030
for target 5990 / 5975.
INDEX RANGE
NIFTY: 5929.95
Range: 5990-6070
Resistance: 6045-6070-6085
Support: 6015-5990-5975
BANK NIFTY: 12366.30
Range: 12195-12525
Resistance: 12415-12470-12525
Support: 12305-12250-12195
Short term: Up (5945)
Medium term: UP (5630)
Long term: Up (5180)
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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