On Wednesday, market opened positive and traded higher thru out the day. Almost all sector performed well. IT index out performed whereas Metal index under performed. Market breadth was positive.
Volume for the day was higher then past few sessions. Midcap and Smallcaps index closed up with 1% of gains.
For the day, the level of 6200 and 6175 may act as a major support for the market and the level of 6260 and 6285 may act as a major hurdle. Market may be highly volatile and be cautious at higher levels as profit booking may come.
The short term trend will turn negative below the level of 6050.
Day trader can go long on nifty above 6260 with stop loss 6230 for target 6285 / 6310 and can go short below 6200 with stop loss 6230 for target 6175 / 6150.
INDEX RANGE
NIFTY: 6233.90
Range: 6170-6285
Resistance: 6260-6285-6310
Support: 6200-6175-6150
BANK NIFTY: 12745
Range: 12290-12620
Resistance: 12780-12830-12880
Support: 12710-12660-12610
Short term: Up (6050)
Medium term: UP (5760)
Long term: Up (5180)
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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