On Monday, market open flat with continues selling however finally hour of rally helped market to recover and closed in green. IT and Oil & Gas out-performed. Volume for the day was higher then last two trading session. Market breadth was negative. Midcap and Small caps index closed in negative.
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. Banks and Metals may attract profit booking. Be cautious at higher levels.
The short term trend will turn positive above the level of 6130.
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: 6075.95
Range: 6015-6125
Resistance: 6100-6125-6150
Support: 6040-6015-5990
BANK NIFTY: 12331.30
Range: 12180-12515
Resistance: 12405-12460-12515
Support: 12290-12235-12180
Short term: Down (6130)
Medium term: UP (5760)
Long term: Up (5180)
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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