On Wednesday, market opened gap-up and traded higher in a small range for thru out the day. Metals and Auto outperformed whereas Oil & Gas underperformed. Volume for the day was lower then previous trading session. Market breadth was positive. Midcap and Small caps index closed up in green.
For the day, the level of 6145 and 6115 may act as a major support for the market and the level of 6180 and 6210 may act as a major hurdle. Market expected to trade in small range, be cautious at higher levels.
The Short term trend will turn negative below the level of 6060.
"Spot Levels" Day trader can go long on nifty above 6180 with stop loss 6160 for target 6210 / 6235 and can go short below 6145 with stop loss 6165 for target 6115 / 6090.
INDEX RANGE
NIFTY: 6160.50
Range: 6115-6210
Resistance: 6180-6210-6235
Support: 6145-6115-6090
BANK NIFTY: 12891.90
Range: 12730-13060
Resistance: 12950-13005-13060
Support: 12840-12785-1273
Short term: UP (6060)
Medium term: UP (5930)
Long term: Up (5180)
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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