As advised last Monday look for selling only below the level of 5830 and buying above 5930, from there market rallied till the level of 6025, but on Thursday we advised to cut / book long position above the level of 6000 and also advised to take short position in nifty with stop loss of 6090 on closing basis for target 5845 / 5625 / 5410. For this week watch out level of 5930 on downside and 6090 on upside, move above or below the level will decide the next move in market. Further short position can be added in nifty below the level of 5930. Our views remain negative on market but stop loss of 6090 on closing basis on nifty spot is a must.
For the day, the level of 5970 and 5940 may act as a major support for the market and the level of 6025 and 6050 may act as a major hurdle. Banking, Realty and Metals may attract selling pressure.
"Spot Levels" Day trader can go long on nifty above 6025 with stop loss 5995 for target 6050 / 6080 and can go short below 5970 with stop loss 6000 for target 5940 / 5910.
Index Range
Nifty: 5992.80
Range: 5910-6080
Resistance: 6025-6050-6080
Support: 5970-5940-5910
Bank Nifty: 12349.20
Range: 12180-12520
Resistance: 12410-12460-12520
Support: 12290-12240-12180
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: 3204.98-2601.51= +603.47
DII: 832.02-1521.68= -689.66
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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