On Monday, market opened gap-up but could not sustain at higher levels as expected but manage to close up in green. Metals, Auto and Oil & Gas attract good buying whereas Banking and Capital Goods was under profit booking. Volume for the day was quite low. Market breadth was positive. Midcap and Smallcaps index closed in green.
For the day, the level of 6105 and 6080 may act as a major support for the market and the level of 6155 and 6180 may act as a major hurdle. Be cautious at higher levels.
The short term trend will turn negative below the level of 5945.
Day trader can go long on nifty above 6155 with stop loss 6130 for target 6180 / 6205 and can go short below 6105 with stop loss 6130 for target 6080 / 6055
Positional trader can hold nifty short position with stop loss 6225 closing basis for target 5990-5970 & 5925-5885.
INDEX RANGE
NIFTY: 6135.85
Range: 6045-6155
Resistance: 6155-6180-6205
Support: 6105-6080-6055
BANK NIFTY: 12513
Range: 12340-12670
Resistance: 12565-12620-12670
Support: 12455-12395-12340
Short term: Up (5945)
Medium term: UP (5760)
Long term: Up (5180)
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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