Intraday market outlook for 2December

On 2 December, Nifty fut will face resistance at 5172 level, if this is level is crossed and sustained then we can see bulls marchinf ahead till the levels 5190-5210-5226. However bulls have a barier at 5210 level on upside, so for any fresh buying they have to sustain above 5210 in coming days, if they manage to do so, we can see bears loosing control over the markets and bulls taking charge completely. On the contrary if the level of 5210, is not crossed and sustained, then markets can slide down again to lower levels on account of some profit booking coming at higher levels. On lower side the support for Nifty fut is at 5102 level, breaching this level Nifty fut can slide down to lower levels of 5080-5062-5020 levels. In current scenario bulls are having upperhand till markets are sustaining above 5100 mark.

We recommend all traders o keep a watch on 5172 level on upside in intraday today, if this level is crossed and sustained then one must not stay short, and around 5210 level all long position holders must stay cautious as this level is crucial for the bulls. Crossover and close above this level will be a energy booster for bulls, however for intraday if this level is not crossed then markets can slide down. So, everyone must watch the levels of 5172 & 5210 for intraday on upside and on lower side 5080 level is crucial.

Nifty Levels
Resistance - 5172-5190-5210-5226
Support - 5110-5074-5048-5020

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Intraday Calls

• PSL Ind abv 159 tgt-162-163.4-165
• Tata Steel abv 583 tgt-588-595-600
• Shriram transport abv 420 tgt-426-431-440
• Jet Airways abv 498 tgt-506-512-520+
• Also watch Geometric , Sel MCL, Hotel Leela , Educomp.

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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