On 26August, Nifty fut have support at 5440 level, if this level is breached we will see markets sliding down to the levels of 5424-5410-5372. Closing below the levels of 5410, will create panic selling in markets. However if markets are able to sustain above 5440 level, we can expect a bounceback in markets in intraday. On higher side Nifty fut have resistance at 5488 level, if this level is crossed and sustained then we can expect some upside till the levels of 5505-5518-5538+ levels. We were continuously saying since last few days that below 5552 level bears will be active again, and now the result is in front of you all....Nifty was unable to close above 5552 level since last week and today it made low 5463 from highs of 5540+. Hope all of you must be safe, and must be sitting with good gains. Overall scenario for markets will be buy on dips and sell on rise till nifty fut is trading in range 5440-5552. Crossover of this range on eitherside will show some sharp movement.
We recommend all traders to keep a watch on 5440 level on downside, if this level is not breached and sustained, then we can expect a bounce back in markets till given resistances in later hours. So, one must not go short at lower levels unless 5440 is breached decisively, rather buy on dips and sell on rise in intraday trade. All trades must be followed by profit booking time to time and must be done with strict stoplosses, as the markets will be highly volatile throughout the session and we can witness ambiguous moves in markets.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.
We recommend all traders to keep a watch on 5440 level on downside, if this level is not breached and sustained, then we can expect a bounce back in markets till given resistances in later hours. So, one must not go short at lower levels unless 5440 is breached decisively, rather buy on dips and sell on rise in intraday trade. All trades must be followed by profit booking time to time and must be done with strict stoplosses, as the markets will be highly volatile throughout the session and we can witness ambiguous moves in markets.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
- Resistance - 5488-5505-5518-5538
- Support - 5440-5424-5410-5372
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Intraday Calls
- Surya Pharma abv 298 tgt-305-314-335
- EIH arnd 132 tgt-137-140-145+
- Raymond abv 379 tgt-385-396-412
- Shilpa Medicare arnd 334 tgt-340-344-351+
- Also watch Creative eye, MMTC, Maha Rashtra Apex, Amrutanjan.
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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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