Intraday market outlook for 21August

On 21August, Nifty fut will face resistance at 4498-4515, in order to maintain uptrend Nifty has to trade above 4515 level. Once it manages to do so, it can spurt upto 4545-4572 levels. The level 4572 is major hurdle on upside movement and must be crossed with good volumes in order to make markets sustain and trade on more higher levels in coming days. On the contrary to upside, if Nifty reverts back from the resistance level, then on downside it has support at 4425-4402, breaching the level of 4402 can make Nifty slide down to 4380-4345-4312 levels. Any close below 4345 level can develop negative sentiments in markets in coming days.

We recommend all traders to watch the levels of 4345 on lower side and 4515 on upperside, and hedge their all positions accordingly, as the market movement will be highly volatile in coming days. breaking the range of 4345-4515 can show a sharp movement in markets, else it will be a buy on dips and sell on rise market.

Nifty levels

Resistance - 4498-4515-4545-4572-4610

Support - 4425-4402-4380-4350-4312

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Intraday calls

Cairn abv 242 tgt-244-246.4-249

3i Infotech abv 85 tgt-86.3-87-88.5

20Microns abv 27.75 tgt-28.2-28.5-29 (can be holded for short term also)

Mindtree abv 484 tgt-488-492-499

Also watch Voltamp transformer,Indo Tech Transformer,ENIL,JPT securities.

For all trades,keep trailing your stoploss once the trade is above the buying price. Avoid spike buying.

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