On Tuesday, market opened lower with continues selling pressure. IIP numbers was below market expectation which made the market breadth further negative and with an increase in volatility. Some buying came during final hour of closing session which helped market to shed some loses. Capital Goods, Realty and Metals were under selling pressure whereas Banking and IT was under profit booking. Volume for the day was quite low. Market breadth was negative. Midcap and Smallcaps index closed in red.
For the day, the level of 6065 and 6040 may act as a major support for the market and the level of 6115 and 6140 may act as a major hurdle. Be cautious at higher levels.
The short term trend will turn negative below the level of 5945.
Positional trader can hold nifty short position with stop loss 6225 closing basis for target 5990-5970 & 5925-5885.
No Trading call for the day.
INDEX RANGE
NIFTY: 6090.90
Range: 6040-6140
Resistance: 6115-6140-6165
Support: 6065-6040-6015
BANK NIFTY: 12461.80
Range: 12290-12620
Resistance: 12510-12565-12620
Support: 12390-12340-12290
Short term: Up (5945)
Medium term: UP (5760)
Long term: Up (5180)
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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