On 13May keep a watch on support of 5135 level, break below this level will take Nifty fut to 5108-5090-5070 levels sharply. However a good support exist at 5070 level on lower side and this level will act as a barrier for bear party. Any close below 5070 level will open doors for bears to take charge over the market and will make bulls out of the scenario. If Nifty fut is able to sustain above support level of 5135-5070, then again expect a bounce back in market. Moving on the upside Nifty fut have resistance at 5172 level, crossover from this level will take nifty to 5194-5228-5260 levels. For further upside Nifty fut has to give closing above 5260 level. For intraday the hurdle for upmove will be 5194 level. In overall scenario the max time markets are sustaining below 5228-5260 level, it will weaken the bulls and will encourage the bears to attack again and again. Till May expiry we can witness an unexpected unidirectional sharp move in markets, so stay hedged with all your long/short positions.
We recommend all traders to keep a watch on 5070 level on downside, if this level is not breached and sustained, then we can expect a bounce back in markets till given resistances. So, one must not go short at lower levels unless 5070 is breached decisively. On higher sid traders must stay cautious in range 5228-5260, as this is the resistance zone for Nifty fu in current scenario. Nifty fut range will be 5070-5194, decisive breakout of this range will decide further trend for markets. Any close below 5070 will be the first signs of bears coming back into the action. All trades must be followed by profit booking time to time and must be done with strict stoplosses.
Nifty Levels - Resistance - 5172-5190-5228-5260
- Support - 5135-5108-5090-5070
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Intraday Calls
- Ruby Mills abv 1054 tgt-1065-1077-1098
- Alchemist Realty abv 17.75 tgt-18.1-19-20.4+
- Murli Ind. abv 104 tgt-107-109-113+
- Axis Bank abv 1290 tgt-1298-1314-1326
- Also watch Piramal healthcare, Geodesic, Bajaj Finserv, Mirza 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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