On 3August, Nifty fut will face resistance at 5465 level, this level will be once again a major resistance for bulls on upside and in order to retain their gains bulls have to cross and sustain above this level. Once this level is sustained,we can see higher levels of 5492-5524-5575 in markets. However, if bulls fail to sustain above the resistance level of 5492, then bears will try hard to try take the charge over bulls and slide down the markets. On lower side Nifty fut have support at 5402, if this level is breached then we can see 5390-5372-5340 levels in markets in short time. Till Nifty fut is trading above the level of 5434, bullsare having an upper hand, but stay cautious at every rise above 5465 as we can see some sudden profit booking in range 5465-5524.
We recommend all traders to stay cautious today, as the market movement can be deceptive and traders can be trappd on both sides. Low risk traders must stay away and others can trade with strict stoplosses. Nifty fut range 5402-5492, must be watched carefully, breakout of this range can show sharp movements. Dont create fresh long positions on higher side, instead use every rise to book longs. 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.
We recommend all traders to stay cautious today, as the market movement can be deceptive and traders can be trappd on both sides. Low risk traders must stay away and others can trade with strict stoplosses. Nifty fut range 5402-5492, must be watched carefully, breakout of this range can show sharp movements. Dont create fresh long positions on higher side, instead use every rise to book longs. 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.
Nifty Levels
- Resistance - 5465-5492-5524-5575
- Support - 5402-5390-5372-5340
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Intraday Calls
- GSFC abv 313 tgt-320-324-335+
- Clariant Chemicals abv 665 tgt-671-678-696
- HCL Tech abv 393 tgt-398-402-409
- BEML abv 1032 tgt-1044-1054-1072+
- Also watch Euro Multivision, Kopran, MMTC, EKC.
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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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