Intraday market outlook for 8January

Yesterday we gave you all Support level 5245 on Nifty fut , and a resistance level of 5294, and everyone watched Nifty fut facing hurdle at 5294 on opening bell, and then after whole day struggling to cross 5294 level and crsahing down to 5245 levels on downside. All our LIVE MARKET INTRADAY CALLS also rockedddd and gave massive gains. Hope all of you must be minting money with highly accurate market view and stock calls provided by Team EAIB.

Our market view for 8January, remains almost the same as we have been suggesting since last two days, because Nifty fut is trading in a range of 5245-5315, and closing almost around the previous close. Today also Nifty fut will face resistance at 5294 level, once this level is crosses and sustained for some time , we will see markets to go to higher levels of 5315-5332-5370 levels. At any rise above 5300 level traders must hold long positions with trailing stoploss, as we may see profit booking coming around 5332 levels, if bulls fail to retain the gains for a longer time. In the current scenario the market movement is ambiguous, as both bulls & bears are trying to take charge over the markets. However, on lower side now 5245 is support level. Any good news for bears will come only if the Nifty fut, breaches and sustains below 5245 mark, and if it happens we can see markets sliding down to 5220-5202-5180 levels. Till Nifty fut is trading above the level of 5220 bulls are stronger than bears, so all intraday dips can be used for buying and any rise till 5332 must be used for profit booking.
For a sustainable uprise in coming days, Nifty fut must close consecutively above 5315 level. Till Nifty fut is unable to do so, bears will continue to attack decisively at every rise. More the time Nifty fut remains below 5315, more the bears will become strong. So in order to have an upperhand in market, bulls have to manage to cross & sustain above 5315 at earliest. Nifty fut range for the day will be 5220-5332, breakout of this range on either side can show sharp movements. Follow the strategy of - buy on dips-sell on rise.... in this range.

Nifty Levels

• Resistance - 5294-5315-5332-5370
• Support - 5245-5220-5202-5180

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Intraday Calls

• Parsvnath Developer abv 131 tgt-132.4-134-136+
• Goldstone Infratech abv 36 tgt-38-39.4-43
• BF Utilities abv 1370 tgt-1390-1424-1457+
• ABAN abv 1448 tgt-1461-1488-1510
• Also watch Nitco Ltd, Goodluck Steel, Sterling biotech, Tantia Construction.

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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