On 18August, Nifty fut will face resistance at 5448 level, if this is level is crossed and sustained then we can see bulls marching ahead till the levels 5465-5484-5510. However bulls have a barrier at 5484 level on upside, so in order to get some energy to move further on upside & for any fresh buying they have to sustain above 5484 in coming days, if they manage to do so, we can see bears loosing control over the markets and bulls taking charge. On the contrary if the level of 5484, is not crossed and sustained, then markets can slide down again to lower levels on account of some profit booking coming at higher levels. On lower side the support for Nifty fut is at 5410 level, breaching this level Nifty fut can slide down to lower levels of 5390-5372-5340 levels. In current scenario bulls are having upper hand till markets are sustaining above 5410.
We recommend all traders to keep a watch on 5484 level on upside in intraday today, all long position holders must stay cautious as this level is crucial for the bulls. Crossover and close above this level will be a energy booster for bulls. In intraday, on upside 5484 will act as a barrier, so all shorters must keep this level in mind and can use this as a stop loss, on the contrary bulls must keep watch on 5410 level for their positions. Don't leverage positions without knowing the direction of markets, as that can make losses.
Nifty Levels
- Resistance - 5448-5465-5484-5510
- Support - 5410-5390-5372-5340
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Intraday Calls
- Tata Power abv 1312 tgt-1320-1337-1344+
- Havells abv 816 tgt-827-838-855+
- Reliance Power abv 154 tgt-155.7-157.5-160
- Wockhardt ltd abv 184 tgt-190-197-202+
- Also watch Areva T&D, Polyplex Corp., Omnitech , Varun Ind.
For all trades, keep trailing your stoploss once the stock is above the buying price. Don't take delivery of any intraday call. Avoid spike buying.
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