On Friday, market opened up with a gap and buying continues in all the indices thru out the day. Metals and Auto outperformed. Market breadth was positive. Midcap and Smallcaps index closed in green. As said on last Monday level to watch out on upside 6065 on breaching the same will try for 6150-6200 and on down side 5945, market could break 5945 and bounced back sharply from 5960 levels. Now level 5945 will act as an important support for the market and close below the same will weaken the market.
For the day, the level of 6115 and 6090 may act as a major support for the market and the level of 6165 and 6190 may act as a major hurdle. Mostly all technical indicators are in an overbought zone with some showing negative divergence so one needs to remain cautious.
The short term trend will turn negative below the level of 5945.
No Trading call for the day.
INDEX RANGE
NIFTY: 6143.40
Range: 6090-6190
Resistance: 6165-6190-6205
Support: 6115-6090-6075
BANK NIFTY: 12556.80
Range: 12365-12735
Resistance: 12620-12670-12735
Support: 12480-12430-12365
Short term: Up (5945)
Medium term: UP (5630)
Long term: Up (5180)
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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