On Wednesday, market opened gap-down and faced heavy selling pressure thru the day, with selling across almost all the indices and closed down in red. Banks, Realty and Metals were the biggest loser. Overall it was a highly volatile trading session. Volume for the day was lower then previous trading session. Market breadth was negative. Midcap and Small caps index closed down in red.
For the day, the level of 5885 and 5860 may act as a major support for the market and the level of 5940 and 5970 may act as a major hurdle. Market may remain highly volatile; Auto and IT may attract selling pressure.
The Short term trend will turn positive above the level of 5930.
"Spot Levels" Day trader can go long on nifty above 5940 with stop loss 5910 for target 5970 / 5995 and can go short below 5885 with stop loss 5915 for target 5860 / 5830.
Index Range
Nifty: 5903.70
Range: 5830-5995
Resistance: 5940-5970-5995
Support: 5885-5860-5830
Bank Nifty: 11460.20
Range: 11280-11625
Resistance: 11520-11570-11625
Support: 11405-11350-11280
Short term: Down (5930)
Medium term: Down (6030)
Long term: Up (5350)
Cash Market Trading Activity (Prov. Figure in Rs. Crores)
Cat: Buy Val - Sell Val= Net Val
FII: 2383.76-3868.66= -1484.9
DII: 1662.22-1253.17= -409.05
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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