Last week we had given range for the market of 5845-5970, market traded within the range and close near the higher end of the range. For this week also range is likely to be between 5845-5970. Look for buying only if market remains above the level of 5970 with stop loss of 5890 on closing basis on nifty spot, further buying can be done in market above the level of 6065 for target 6170 / 6280 / 6390 and look for selling only if market remains below the level of 5845 with stop loss of 5930 on closing basis on nifty spot, further selling can be done in market below the level of 5735 for target 5625 / 5515 / 5410
For the day, the level of 5915 and 5890 may act as a major support for the market and the level of 5970 and 6000 may act as a major hurdle. Market may attract good buying.
Short term trend will turn positive above the level of 5970.
"Spot Levels" Day trader can go long on nifty above 5970 with stop loss 5940 for target 6000 / 6030 and can go short below 5915 with stop loss 5945 for target 5890 / 5860.
Index Range
Nifty: 5948.75
Range: 5890-6000
Resistance: 5970-6000-6030
Support: 5915-5890-5860
Bank Nifty: 11424.20
Range: 11155-11705
Resistance: 11485-11595-11705
Support: 11370-11265-11155
Short term: Down (5970)
Medium term: Down (6065)
Long term: Up (5350)
Cash Market Trading Activity (Prov. Figure in Rs. Crores)
Cat: Buy Val - Sell Val= Net Val
FII: 3083.85-3400.64= -316.79
DII: 1518.41-1422.38= +96.03
FII: 3083.85-3400.64= -316.79
DII: 1518.41-1422.38= +96.03
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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