On Thursday, market open positive and with a step by step buying across all the indices market moved higher however in last half-hour of closing session market faced sudden heavy selling across all the indices and closed down in red below the psychological level 6000. Volume for the day was record high since March'10. Market breadth was negative. Midcap and Small caps index closed in negative.
For the day, the level of 5960 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 trade flat to negative. Fertilizer and Pharma may attract buying.
The Medium term trend will turn negative below the level of 5930.
"Spot Levels" 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: 5987.70
Range: 5935-6045
Resistance: 6020-6045-6070
Support: 5960-5935-5910
BANK NIFTY: 12105.30
Range: 11975-12250
Resistance: 12140-12195-12250
Support: 12085-12030-11970
Short term: Down (6130)
Medium term: UP (5930)
Long term: Up (5180)
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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