On Monday, market open higher and traded in positive range thru out the session, but as expected selling pressure came in market at higher levels. FMCG and IT were under selling pressure whereas Auto and Metals out performed. Overall it was the highly volatile trading session. Volume for the day was higher then previous trading session. Market breadth was positive. Midcap and Small caps index closed in positive.
For the day, the level of 6080 and 6055 may act as a major support for the market and the level of 6125 and 6150 may act as a major hurdle. Profit booking expected, it is advisable to sell on rise. Banks and IT may attract selling pressure.
The short term trend will turn positive above the level of 6130.
Day trader can go long on nifty above 6125 with stop loss 6100 for target 6150 / 6180 and can go short below 6080 with stop loss 6100 for target 6055 / 6025.
INDEX RANGE
NIFTY: 6105.80
Range: 6055-6150
Resistance: 6125-6150-6180
Support: 6080-6055-6025
BANK NIFTY: 12424.70
Range: 12290-12560
Resistance: 12455-12510-12560
Support: 12390-12340-12290
Short term: Down (6130)
Medium term: UP (5760)
Long term: Up (5180)
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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