On 16February, Nifty fut will face resistance at 4830-4848 level, for any upmove Nifty has to cross and sustain above this level. From last few days you all must be watching that Nifty is unable to cross the level of 4848 on closing basis, and with each day passing the strength of market will be lost. So for any upmove markets must break the trading range of last few days i.e. it must cross and sustain above 4848. Once Nifty crosses 4848 level, then major resistance is at 4890 level, sustaining above this level, will make Nifty to touch higher levels of 4935-4972+ . On lower side Nifty has support at 4770, breaching this level, will make Nifty to slide down till 4755-4730-4665 levels. Nifty fut range for the day will be 4755-4848, decisive breakout on eitherside will lead to sharp movement.
We recommend all traders to trade with cautious, as F&O expiry is coming and markets will be highly volatile these days. All long/short positions must be hedged accordingly. In coming days if Nifty is unable to cross 4848-4890, then get ready for a downtrend with sharp movement. So,in current scenario its better to book profits in longs at every rise till Nifty is unable to cross and close above 4890. On lower side 4665 level will work as a sentimental level for bulls, breaking this can change market sentiments.
We recommend all traders to trade with cautious, as F&O expiry is coming and markets will be highly volatile these days. All long/short positions must be hedged accordingly. In coming days if Nifty is unable to cross 4848-4890, then get ready for a downtrend with sharp movement. So,in current scenario its better to book profits in longs at every rise till Nifty is unable to cross and close above 4890. On lower side 4665 level will work as a sentimental level for bulls, breaking this can change market sentiments.
Nifty Levels
Resistance -4830-4848-4890-4935
Support -4770-4755-4730-4665
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Intraday Calls
- Vascon Engineers abv 149 tgt-153-158-165+
- Sterlite Industries abv 745 tgt-751-759-770+
- Mirza International abv 16 tgt-16.3-16.65-17.1
- Jindal Steel & Power abv 636 tgt-640-645-654+
- Also watch Gujarat NRE Coke, Delton cable, STC , V B Desai financial.
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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