Intraday market outlook for 28January

On 28January, Nifty fut has support at 4830 level, if this level is breached and sustained we can see Nifty fut sliding down to 4800-4770-4755 levels. Any close below 4770 level, will make the bears strong and bulls can loose control. However a surprise pullback can be seen in markets before the market crashes below 4770. On upside resistance is at 4898, crossing and sustaining above this level will take Nifty to 4910-4935-4965 levels. Traders must use the uprise for profit bookings, and not for leveraging fresh positions.

 We recommend traders to keep a watch on range 4770-4910. In current scenario bears are stronger than bulls till Nifty fut remains below 4910 level, so book profits on rise and stay with cash in order to be on safeside. Being F&O expiry, the markets will be volatile,so traders must stay cautious.

Nifty Levels
Resistance - 4898--4910-4935-4965
Support      - 4830-4800-4770-4755

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Intraday Calls

• McLeod Russel abv 228 tgt-231-235-242+
• Gujarat NRE Coke abv 72 tgt- 73.5-75-77
• JK Tyre abv 169 tgt-172-174.2-177+
• IVRCL abv 322 tgt-325-329-335+
• Also watch SREI , Renuka Sugars, First Leasing company, Goa Carbon.

 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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