Last week the range for market was given between 5835-5970, however market traded near the higher end of the range thru out the week and close at 6011.60. For this week keep on holding the long position as advice last week above the level of 5970, further long position can be added above the level of 6065 with stop loss of 5930 on closing basis on nifty spot for target 6170 / 6280 / 6390. Our view remain positive on market, we recommend buy on dips. Further update would be given during the week.
For the day, the level of 5990 and 5960 may act as a major support for the market and the level of 6030 and 6060 may act as a major hurdle. Market may attract buying and buy sugar and banking stocks.
Medium term trend will turn positive above the level of 6065.
"Spot Levels" Day trader can go long on nifty above 6030 with stop loss 6000 for
target 6060 / 6085 and can go short below 5990 with stop loss 6020 for target 5960 / 5935.
Index Range
Nifty: 6011.60
Range: 5960-6060
Resistance: 6030-6060-6085
Support: 5990-5960-5935
Bank Nifty: 11477
Range: 11290-11625
Resistance: 11515-11570-11625
Support: 11405-11350-11290
Short term: Up (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: 1221.23-1206.41= +14.82
DII: 651.84 - 948.40= -296.56
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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