On Wednesday, market opened positive and traded higher thru out the day with good buying in almost all the indices. Metals, Realty and Banks outperformed whereas IT and FMCG 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 5940 and 5915 may act as a major support for the market and the level of 5980 and 6005 may act as a major hurdle. Oil & Gas and Power may attract good buying.
Positional traders are advised to book long position above the level of 6000 and accumulate short position in nifty with stop loss of 6065 on closing basis on nifty spot for target 5825 / 5625 / 5410.
"Spot Levels" Day trader can go long on nifty above 5980 with stop loss 5960 for target 6005 / 6025 and can go short below 5940 with stop loss 5960 for target 5915 / 5890.
The Medium term trend will turn negative below the level of 5930.
Index Range
Nifty: 5960.90
Range: 5915-6005
Resistance: 5980-6005-6025
Support: 5940-5915-5890
Bank Nifty: 12310.80
Range: 12140-12525
Resistance: 12415-12470-12525
Support: 12250-12190-12140
Short term: Up (5830)
Medium term: Up (5930)
Long term: Up (5350)
Cash Market Trading Activity (Prov. Figure in Rs. Crores)
Cat: Buy Val - Sell Val= Net Val
FII: 3516.48-3024.60= +491.88
DII: 1250.84-1450.69= -199.85
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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