Last week as advised to book partial profit near level of 6180 for the long taken above 5970 and hold remaining long position with stop loss 6060. Market moved accordingly and on closed below 6060 market made a low of 5883 and closed at 5904 last week. For this week look for buying on dips with stop loss 5770 on closing basis on nifty spot for target 6040 / 6170 / 6280 and look for selling only if market remain below the level of 5770 for target 5640 / 5425 with stop loss 5845 on closing basis on nifty spot.
For the day, the level of 5885 and 5860 may act as a major support for the market and the level of 5915 and 5940 may act as a major hurdle.
Short term trend will turn positive above the level of 5970.
"Spot Levels" Day trader can go long on nifty above 5915 with stop loss 5885 for target 5940 / 5970 and can go short below 5885 with stop loss 5915 for target 5860 / 5830.
Index Range
Nifty: 5904.60
Range: 5860-5940
Resistance: 5915-5940-5970
Support: 5885-5860-5830
Bank Nifty: 11053.35
Range: 10980-11370
Resistance: 11110-11160-11210
Support: 10935-10880-10820
Short term: Down (5970)
Medium term: Up (5770)
Long term: Up (5350)
Cash Market Trading Activity (Prov. Figure in Rs. Crores)
Cat: Buy Val - Sell Val= Net Val
FII: 2397.19-3437.93=-1040.74
DII: 2179.56-1063.73=+1111.83
All Above Spot Levels
OM SHRI GANESHAYA NAMAH
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