On Wednesday, market open flat and traded in the range however during final hour of the session selling came in all the indices which led the market fall sharply from the day high and closed in red. Market breached and closed below the psychological level of 6000. Metals and Realty had a major sell-off. Overall it was a highly volatile trading session. Volume for the day was quite low. Market breadth was negative. Midcap and Small caps index closed down in red.
For the day, the level of 5965 and 5935 may act as a major support for the market and the level of 6020 and 6045 may act as a major hurdle. Market will be range bound. Realty and Oil & Gas may attract selling, Metals may attract buying. 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 6020 with stop loss 5990 for target 6045 / 6070 and can go short below 5960 with stop loss 5990 for target 5935 / 5910.
INDEX RANGE
NIFTY: 5982.10
Range: 5935-6045
Resistance: 6020-6045-6070
Support: 5960-5935-5910
BANK NIFTY: 12176.50
Range: 11980-12350
Resistance: 12245-12295-12350
Support: 12090-12030-11980
Short term: Down (6130)
Medium term: UP (5760)
Long term: Up (5180)
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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