On Thursday, market opened flat and remains volatile, during second half of trading session selling came in all the indices which led the market fall sharply from the day high and closed in red. Realty, IT, Metal was under selling pressure whereas Banking and Capital Goods remain under profit booking. Volume for the day was higher then last two trading sessions. Market breadth was negative. Midcap and Smallcaps index closed in red.
For the day, the level of 6090 and 6065 may act as a major support for the market and the level of 6150 and 6175 may act as a major hurdle.
The short term trend will turn negative below the level of 5945.
Day trader can go long on nifty above 6150 with stop loss 6120 for target 6175 / 6205 and can go short below 6090 with stop loss 6120 for target 6065 / 6035
Positional trader can go short on nifty below 6120 (closing required) with stop loss 6225 (closing basis) for target 5990-5970 & 5925-5885
INDEX RANGE
NIFTY: 6120.30
Range: 6065-6175
Resistance: 6150-6175-6205
Support: 6090-6065-6035
BANK NIFTY: 12536.60
Range: 12340-12720
Resistance: 12610-12670-12720
Support: 12450-12390-12340
Short term: Up (5945)
Medium term: UP (5760)
Long term: Up (5180)
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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