On Wednesday, market open negative with heavy selling across all the indices thru out the day however Metals out performed whereas Realty and FMGC under perform. Volume for the day was slightly higher then previous trading session. Market breadth was negative. Midcap and Small caps index closed in negative.
For the day, the level of 5985 and 5960 may act as a major support for the market and the level of 6045 and 6070 may act as a major hurdle. Market will trade flat to negative and buying is expected at lower levels.
The Medium term trend will turn negative below the level of 5930.
Day trader can go long on nifty above 6045 with stop loss 6015 for target 6070 / 6095 and can go short below 5985 with stop loss 6015 for target 5960 / 5930.
INDEX RANGE
NIFTY: 6012.65
Range: 5960-6070
Resistance: 6045-6070-6095
Support: 5985-5960-5930
BANK NIFTY: 12182.70
Range: 12180-12510
Resistance: 12230-12300-12355
Support: 12140-12085-12030
Short term: Down (6130)
Medium term: UP (5930)
Long term: Up (5180)
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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