On 20May, Nifty fut have support at 4902 level, if this level is breached we will see markets sliding down to the levels of 4870-4845-4800. Few consecutive close below 4960 level, will be a party time for bears, and we will see bulls loosing control overthe market, as it will create panic selling in markets. However if markets are able to sustain above 4960 level, we can expect a mild bounceback in markets in intraday. On higher side Nifty fut have res at 4965 level, if this level is crossed and sustained then we can expect some upside till the levels of 4990-5010-5048 levels. We were continuously saying since last few days that on evry rise exit from longs, and now the result is in front of you all. Hope all of you must be safe, and must be sitting with good gains.
We recommend all traders to keep watch on nifty fut range 4870-5048, breakout of this range will show some unidirectional movements in markets. The key to market direction for coming time holds in the lower range of 4800-4870. One can start buying at lower levels for some quick gains in next few days. Traders must trade with strict stoploss and taking speculative positions at this time will not be a wise idea, better trade with levels and keep booking small profits. All traders must stay cautious and must not leverage positions without proper knowledge of market drections. One must not jump and do the trades in excitement in current markets, as aggressive trading in current market can lead to unexpected profit/loss. Watchout the markets cautiously and trade with strict discipline and stoploss. Dont try to speculate or time the markets. Simply trade on levels and mint money from both up-down movements of markets.
Nifty Levels
Resistnce - 4960-4990-5010-5048
Support - 4902-4870-4845-4800
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Intraday Call
- English Indian Clays abv 855 tgt-872-917-958+
- Indiabulls Real Estate abv 158 tgt-162-165-172
- BPL Ltd abv 35.5 tgt-36.2-37-38.5
- Pidilite Ind abv 120 tgt-124-129-140+
- Also watch Prithvi Information, McLeod Russel, Liberty Phosphate, Zandu Reality.
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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