On 30June, Nifty fut have support at 5238 level, if this level is breached we will see markets sliding down to the levels of 5184-5170-5130. Closing below the levels of major support 5130, will create panic selling in markets. However if markets are able to sustain above 5130 level, we can expect a bounceback in markets, for intraday keep watch on 5184 level. Shorting at lower levels is once again not adviced. On higher side Nifty fut have resistance at 5276 level, if this level is crossed and sustained then we can expect some upside till the levels of 5294-5315-5365 levels. We were continuously saying since last few days that 5388 is a hurdle & unable to close above this level bears will be active again, and now the result is in front of you all....Nifty was unable to close above the level of 5388 and yesterday it made low 5240 from recent highs of 5377. Hope all of you must be safe, and must be sitting with good gains.
We recommend all traders to keep a watch on immediate range 5184-5238 & a broader range of 5130-5294. This range will be crucial for today, and breakover of this range will show the direction for further movement of markets. Once again we are warning all traders, not to speculate and leverage positions blindly without knowing the direction of markets, as that can make losses on both sides (up-down) of markets. All members are requesed to trade with cautiousness and hedge their portfolio properly, as the markets will show ambiguous moves with high volatility in coming days.
We recommend all traders to keep a watch on immediate range 5184-5238 & a broader range of 5130-5294. This range will be crucial for today, and breakover of this range will show the direction for further movement of markets. Once again we are warning all traders, not to speculate and leverage positions blindly without knowing the direction of markets, as that can make losses on both sides (up-down) of markets. All members are requesed to trade with cautiousness and hedge their portfolio properly, as the markets will show ambiguous moves with high volatility in coming days.
See what we said in our weekly market outlook, read this and judge the accuracy yourself.
Nifty Levels
- Resistance - 5276-5294-5315-5365
- Support - 5238-5202-5170-5130
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Intraday Calls
- Insecticides abv 286 tgt-292-303-320+
- DCW Ltd abv 18.7 tgt-19.2-19.7-21
- Dabur Ind abv 206 tgt-208-211.3-215
- Jayaswal Neco abv 44.5 tgt-46-47.2-49
- Also watch Amrutanjan, Praj Ind, Mphasis, Aqua Logistics.
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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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