As advised last Monday to take short position on rise above the level of 6000 and further more shorts to be added below the level of5930, from 6070 market fall till the level of 5720. For this week watch out level of 5845 on downside and 5970 on upside, move above or below the level will decide the next move in market. Our views still remain negative on market, use rally for taking fresh short position in market near the level of 5900 but stop loss of 5970 on closing basis on nifty spot is a must for downside target of 5735/5625/5515, further shorts can be added if market manage to remain below the level of 5845. On upside if market manage to close above 5970, one can take long position in market for upside target 6065/6170/6280, but stop loss of 5840 on closing basis on nifty spot is a must.
For the day, the level of 5840 and 5810 may act as a major support for the market and the level of 5870 and 5895 may act as a major hurdle. Market may remain highly volatile.
"Spot Levels" Day trader can go long on nifty above 5870 with stop loss 5840 for target 5895 / 5925 and can go short below 5840 with stop loss 5850 for target 5810 / 5785.
Index Range
Nifty: 5857.35
Range: 5785-5925
Resistance: 5870-5895-5925
Support: 5840-5815-5785
Bank Nifty: 11447
Range: 11160-11700
Resistance: 11485-11593-11700
Support: 11375-11265-11160
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: 3528.41-4767.66= -1239.25
DII: 2124.53-1376.88= +747.65
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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