On Monday, market opened positive with good gains but could not sustain at higher level due to profit booking thru out the day and closed flat. Market breadth was negative. Midcap and Smallcaps index closed in green.
For the day, the level of 6145 and 6130 may act as a major support for the market and the level of 6175 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.
Day trader can go long on nifty above 6175 with stop loss 6160 for target 6190 / 6215 and can go short below 6145 with stop loss 6160 for target 6130 / 6105
Positional trader can go short on nifty below 6120 (closing required) with stop loss 6225 (closing basis) for target 5990-5970 and 5925-5885
INDEX RANGE
NIFTY: 6159.45
Range: 6130-6190
Resistance: 6175-6190-6215
Support: 6145-6130-6105
Resistance: 6175-6190-6215
Support: 6145-6130-6105
BANK NIFTY: 12651.30
Range: 12495-12825
Resistance: 12715-12770-12825
Support: 12605-12540-12495
Resistance: 12715-12770-12825
Support: 12605-12540-12495
Short term: Up (5945)
Medium term: UP (5760)
Long term: Up (5180)
Long term: Up (5180)
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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