On 30September, Nifty fut will face resistance at 5025 level, in order to continue upsurge Nifty fut has to close above the next resistance levels of 5048. Sustaining above these resistance levels, will open doors for further upside move for markets. On higher side, if Nifty fut sustains above 5048 level, then we can see 5072-5090 levels. Contrary to this upside, sustaining below 5048 and not able to cross 5048 again n again, will create a sense of weakness in markets, and then we can see Nifty fut coming down, if it happens then on downside we have support at 4970, breaching this level Nifty can slide down to 4954-4930-4900 levels.
We recommend all traders to trade with strict stoplosses and keep booking small profits in daytrade, as the range for daytrade in Nifty is very narrow and W-shaped. Till Nifty fut is trading above 4900, use every dip till 4930, as a buying opportunity, nad follow the strategy of buy on dips sell on rise.
Nifty Level
Resistance-5025-5048-5072-5090
Support -4970-4954-4930-4900
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Intraday Calls
- Cipla abv 282 tgt-285-288-293
- Axis Bank abv 927 tgt-935-941-949
- ONGC abv 1192 tgt-2000-2012-2026+
- MRPL abv 93.5 tgt-95-96.4-97.8
- Also watch Indus fila, Insectisides ind, RDB ind, Simplex.
For all trades,keep trailing your stoploss once the stock is above the buying price. Dont take delivery of any intraday call. Avoid spike buying.
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