Intraday market outlook for 4February

It was a good day of trade today boosted by robust global sentiments. Sensex shut shop at 16496, up 332 points and Nifty at 4936, up 106 points from the previous close. We told everyone on Tuesday that one must buy on dips, and yesterday everyone watched the massive blastinggg move of markets from low of around 4800 on tuesday to high of around 4950 yesterday. Our habit of predicting accurate market view must have become an addiction for all of you visiting here. Keep minting money with us, in any kind of market. We always say, dont go with bulls/bears, stay with levels and earn in both kind of markets.

On 4February, Nifty fut will be having a resistance level at 4955 level, if it manages to hold and sustain above this levels then next hurdle for the upsurge will be 4980 level. If Nifty fut sustains above 4980 level, then we can see higher levels of 4998-5022-5050. In order to take charge over bears, bulls have to hold Nifty fut above 4955 level, failing to do so bears will will make all possible effort to drag down the markets to lower levels in later hours from higher levels. On lower side support for Nifty fut is at 4910 level, if it breached and sustained then we can see markets sliding down to 4880-4865-4830 levels. In the current scenario the market movement is ambiguous so traders must follow the strategy of buy at dips & sell on rise, rather than waiting for expiry/day closing targets.

We recommend all traders to stay cautious in range 4945-4970 on upside, as this range will act as a resistance zone for upside movement, and failing to crossover this, market may witness selling pressure. So, keep booking profits in all positions and avoid leveraging positions at higher levels. Overall range for the day will be 4865-4980,breakout on either side will lead to sharp movement in markets.

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Nifty Levels
Resistance - 4955-4980-4998-5022
Support - 4910-4880-4865-4830

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Intraday Calls

• Hindustan Copper abv 585 tgt-592-610-625+
• JK Agri abv 181 tgt-184-186.2-190
• Polaris Software abv 172 tgt-174.4-176.3-180+
• JK Tyre abv 179 tgt-181-184-190+
• Also watch Sat Industries, Sterlite Industries, Astec Lifescience, IFB Industries.

For all trades, strictly 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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