On Thursday, market opened higher and traded in a small range during first half of trading session, however in final hour of trading session selling came in cross almost all the indices which led the market break and close down below support level of 5825. Realty attracts major sell-off whereas IT sector attract good buying. Volume for the day was record high. Market breadth was negative. Midcap Index and Small caps Index closed nearly 2% down in red.
For the day, the level of 5780 and 5750 may act as a major support for the market and the level of 5835 and 5865 may act as a major hurdle.
The Medium term trend will turn positive above the level of 5960.
"Spot Levels" Day trader can go long on nifty above 5835 with stop loss 5805 for target 5865 / 5890 and can go short below 5780 with stop loss 5810 for target 5750 / 5725.
INDEX RANGE
NIFTY: 5799.75
Range: 5750-5865
Resistance: 5835-5865-5890
Support: 5780-5750-5725
BANK NIFTY: 11652.40
Range: 11445-11840
Resistance: 11725-11780-11840
Support: 11560-11505-11445
Short term: Down (6130)
Medium term: Down (5960)
Long term: Up (5350)
Cash Market Trading Activity (Prov. Figure in Rs. Crores)
Cat: Buy Val - Sell Val= Net Val
FII: 6385.61-7593.73=-1208.12
DII: 2574.62-2376.85=+197.77
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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