On Thursday, market opened flat and started falling step by step down however market faced heavy selling pressure during final hour of trading session with selling across all indices and closed down in red. Overall it was a highly volatile trading session. Volume for the day was higher then previous trading session. Market breadth was negative. Midcap and Small caps index closed down in red.
For the day, the level of 5750 and 5725 may act as a major support for the market and the level of 5810 and 5836 may act as a major hurdle. Market may remain highly volatile.
"Spot Levels" Day trader can go long on nifty above 5810 with stop loss 5780 for target 5835 / 5870 and can go short below 5750 with stop loss 5780 for target 5725 / 5690.
Positional short recommended above the level of 6000 and added more below the level of 5930 hit target 1 of 5845, can book 40% of the short position at market and hold remaining position with stop loss of 5845 closing basis on nifty spot for targets 5625 and 5410.
Index Range
Nifty: 5766.50
Range: 5690-5870
Resistance: 5810-5835-5870
Support: 5750-5725-5690
Bank Nifty: 11116
Range: 10830-11375
Resistance: 11160-11265-11375
Support: 11045-10935-10830
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: 3726.39-5022.69= -1296.3
DII: 2235.40-1407.48= +827.92
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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