On 19January, Nifty fut will face resistance at 5294-5315 level, once it manages to cross and sustain above these levls then we can see Nifty inching higher upto 5335-5370, where 5370 is a formidable resistance level. In order to give higher levels than these, Nifty must sustain above 5315 level and close consecutively above this. Consecutive close above 5315 can be start of new uptrend with fresh buying coming into the markets. This fresh buying in markets can take Nifty fut to higher levels 5400-5500+ levels. However contrary to this upside, if Nifty fut reverts back from the resistance levels mentioned above then it has support at 5245 level, breaching this level Nifty can slide down to 5230-5208-5180 level. However in curent scenario it seems that bulls are having an upperhand and traders must use every dip to buy till Nifty fut is trading above 5130 levels. Bears will tighten their grip only when they will be able to hold the markets below 5130 level.
We recommend all intraday traders to keep watch on 5210 level on lower side and 5315 level on upper side, for the long/short positions. These levels can play crucial roles in the market frcoming days. Market movement will be ambiguous, and so one must not leverage positions or do speculative trading. However one can buy on dips till 5210 level is not breached in intraday and can book long positions on uprise if Nifty finds it difficult to cross 5335 level on upper side. In coming days if on downside if 5130 level is not breaked then we can see markets heading towards 5500+ levels.
Nifty Levels
- Resistance - 5294-5315-5335-5370
- Support - 5245-5230-5208-5180
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Intraday Calls
- Balmer Lawrie&Company abv 723 tgt-732-748-769+
- Bluestar abv 402 tgt-407-413-420
- NMDC abv 528 tgt-540-562-585+
- HDIL abv 388 tgt-391-395-404
- Also watch Pratibha Ind , Educomp, STC, Bhartiya International.
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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