As advised last Monday use rally to cut long position and look for buying only above the level of 6130 and below 5930 market will move for level of 5500-5600 with minor support at 5825, market made the move same way and made a low of 5690. For this week if market remains below the level of 5830 will attract fall upto level of 5500-5600. Short term trader should look for buying only above level of 5930 however one can use rally for selling till the time market remain below level of 5930. Long and medium term trader should use this correction for value buying of fundamentally strong counters.
The Short term trend will turn positive above the level of 5830.
For the day, the level of 5730 and 5705 may act as a major support for the market and the level of 5785 and 5810 may act as a major hurdle.
"Spot Levels" Day trader can go long on nifty above 5785 with stop loss 5755 for target 5810 / 5840 and can go short below 5730 with stop loss 5760 for target 5705 / 5675.
Index Range
Nifty: 5751.95
Range: 5705-5810
Resistance: 5785-5810-5840
Support: 5730-5705-5675
Bank Nifty: 11666.90
Range: 11505-11835
Resistance: 11725-11780-11835
Support: 11615-11560-11505
Short term: Down (5830)
Medium term: Down (5930)
Long term: Up (5350)
Cash Market Trading Activity (Prov. Figure in Rs. Crores)
Cat: Buy Val - Sell Val= Net Val
FII: 4332.25-4961.02= -628.77
DII: 2870.67-1911.26= +959.41
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
Posts
No comments:
Post a Comment