As told last Monday look for selling only below 5930 and buying above 6130, last week nifty made a low of 5937 just above the support level and bounced back sharply with a rapid buying above 6130 as expected and made a high of 6339. For this week level to watch out is 6280 if remain above the same on closing basis market likely to hit levels near 6500, if market fails to hold the same on closing basis then can come down till 6130 and below 6130 can retest the support of 5930.It is advisable to hold long position with strict stop loss and hedge long position if market remains below 6280.
For the day, the level of 6285 and 6260 may act as a major support for the market and the level of 6335 and 6360 may act as a major hurdle.
The Short term trend will turn negative below the level of 6130.
"Spot Levels" Day trader can go long on nifty above 6335 with stop loss 6305 for target 6360 / 6380 and can go short below 6285 with stop loss 6305 for target 6260 / 6040.
INDEX RANGE
NIFTY: 6312.45
Range: 6260-6360
Resistance: 6335-6360-6380
Support: 6285-6260-6240
BANK NIFTY: 13268.70
Range: 13070-13460
Resistance: 13350-13410-13460
Support: 13180-13130-13070
Short term: UP (6130)
Medium term: UP (5930)
Long term: Up (5180)
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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