On Friday, since opening bell till the closing session market was under heavy selling pressure, all indices closed in red however as expected IT sector had a major sell-off. Volume for the day was quite low. Market breadth was negative. Midcap and Small caps index closed in negative. For this week market would be heading for 5900 if remains below 6090, look for buying only if market manage to give closing above 6125.
For the day, the level of 6040 and 6015 may act as a major support for the market and the level of 6100 and 6125 may act as a major hurdle. Market will be flat to negative. Banking and Auto may attract profit booking. Be cautious at higher levels.
The short term trend will turn negative below the level of 6050.
Day trader can go long on nifty above 6100 with stop loss 6070 for target 6125 / 6150 and can go short below 6040 with stop loss 6070 for target 6015 / 5990.
INDEX RANGE
NIFTY: 6062.65
Range: 6015-6125
Resistance: 6100-6125-6150
Support: 6040-6015-5990
BANK NIFTY: 12346.50
Range: 12180-12510
Resistance: 12395-12455-12510
Support: 12290-12230-12180
Short term: Up (6050)
Medium term: UP (5760)
Long term: Up (5180)
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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