On 11August, Nifty fut will face resistance at 5484 level, this level will be the first hurdle for bulls on upside and in order to retain their gains, bulls have to decisively cross and sustain above this level. Once they manages to sustain above this level,we can see higher levels of 5510-5524-5552+ in markets. On higher levels dont create fresh long, instead book profits in longs & go short. However, if bulls fail to sustain above the resistance level of 5484, then bears will try hard to take the charge over bulls and slide down the markets. On lower side Nifty fut have support at 5440, if this level is breached then we can see 5420-5390-5372 levels in markets in short time. Any close below 5420 level, will be energy booster for bears and that can make markets to slide down further.
We recommend all traders to stay cautious in range 5420-5484, as this will be the crucial range for intraday and breakout of this range on either side will show some sharp movement. If Nifty fut is unable to cross and sustain above 5484 level, the it will be favourable for bears only. However till Nifty fut is trading above 5420 level, bulls are having an upperhand and we will see markets bouncing back. Markets will be highly volatile and will show ambiguous moves. So, traders must trade on both sides and mint money bi-directionally rather than waiting for expiry targets. All traders must stay cautious and must not leverage positions without proper knowledge of market drections.
We recommend all traders to stay cautious in range 5420-5484, as this will be the crucial range for intraday and breakout of this range on either side will show some sharp movement. If Nifty fut is unable to cross and sustain above 5484 level, the it will be favourable for bears only. However till Nifty fut is trading above 5420 level, bulls are having an upperhand and we will see markets bouncing back. Markets will be highly volatile and will show ambiguous moves. So, traders must trade on both sides and mint money bi-directionally rather than waiting for expiry targets. All traders must stay cautious and must not leverage positions without proper knowledge of market drections.
Nifty Levels
- Resistance- 5484-5510-5524-5552
- Support - 5440-5420-5390-5372
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Intraday Calls
- Hinduja Ventures abv 445 tgt-452-465-482+
- Bombay Burmah abv 653 tgt-670-688-714+
- Videocon abv 235 tgt-239-242-250
- Victoria Mills abv 5685 tgt-5745-5820-6175+
- Also watch Shyam telecom,Glodyne Tech. , Ranklin Solutions, Orchid Chemicals.
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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