On Friday, market open higher and traded in the range till first half of the session however during second half of the session selling came in almost all the indices which led market to fall and closed in red. Realty, Metals and FMCG were under selling pressure whereas IT index out performed. Overall it was the volatile trading session. Volume for the day was lower. Market breadth was negative. Midcap and Small caps index closed in positive.
For the day, the level of 6045 and 6015 may act as a major support for the market and the level of 6085 and 6115 may act as a major hurdle. Market will trade in range; it is advisable to sell on rise. Banks, IT and FMCG may attract selling pressure. For the week watch out the level 6130 on upside and 5930 on downside, close above or below the above said levels will decide the next move in market.
Day trader can go long on nifty above 6085 with stop loss 6065 for target 6115 / 6140 and can go short below 6045 with stop loss 6065 for target 6015 / 5990.
INDEX RANGE
NIFTY: 6066.05
Range: 6015-6115
Resistance: 6085-6115-6140
Support: 6045-6015-5990
BANK NIFTY: 12384.80
Range: 12240-12520
Resistance: 12410-12465-12520
Support: 12350-12290-12240
Short term: Down (6130)
Medium term: UP (5760)
Long term: Up (5180)
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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