On 24 November, Nifty fut have resistance at 5126 level, once it manages to cross and sustain above this level we can see it inching up to the levels of 5145- 5170-5205 levels. Bulls will try to hold the maket above 5100 levels, however on higher side between 5170-5205 levels, bears can up and attack decisively to weaken bulls, so traders must stay cautious in this range. If bears are able to drag down the market from higher levels, then on downside Nifty fut have support at 5080 level, if this level is breached and sustained then lower levels of 5062-5030-5005 levels. Traders must not leverage positions at higher level.
We recommend all traders to stay cautious in range 5062-5170, as this range will be crucial and crossover and breakout of this range on either side will show some sharp movements. All traders must keep booking profits in long positions and must not leverage fresh long positions at higher levels. In coming days we can see bears trying hard to weaken the bulls.
Nifty Levels
Resistance - 5126-5145-5170-5205
Support - 5080-5062-5030-5005
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Intraday Calls
- SE Investmets abv 247 tgt-252-260-272+
- Videocon abv 221 tgt-223.5-226-230
- Tata Sponge abv 272 tgt-276-281-290+
- Mahindra Forgings abv 127 tgt-131-135-140
- Also watch Avaya Global, GMDC, Sun TV, APIL.
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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