On Friday, market open negative and traded in a range with some selling however during final hour of closing session market attract huge buying from lower levels of the day and closed up in green. Overall it was the highly volatile trading session. Banks and FMCG attracted good buying whereas Metals and Realty were under selling pressure. Volume for the day was low. Market breadth was negative. Midcap and Small caps index closed down in red.
For the day, the level of 5990 and 5965 may act as a major support for the market and the level of 6045 and 6075 may act as a major hurdle. Market will be range bound and selling expected at higher level. For the week watchout level 6130 on upside and 5930 on downside, close above or below the same will decide the next move in market.
The Medium term trend will turn negative below the level of 5930.
"Spot Levels" Day trader can go long on nifty above 6045 with stop loss 6020 for target 6075 / 6100 and can go short below 5990 with stop loss 6020 for target 5965 / 5935.
INDEX RANGE
NIFTY: 6017.70
Range: 5965-6075
Resistance: 6045-6075-6100
Support: 5990-5965-5935
BANK NIFTY: 12330.80
Range: 12130-12525
Resistance: 12415-12470-12525
Support: 12245-12190-12130
Short term: Down (6130)
Medium term: UP (5930)
Long term: Up (5180)
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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