Our market view for 6August, remians the same as we have told yesterday. As all the magical levels told by us, are still intact and Nifty is unable to break those on either side. For intraday resistance is at 5565-5484 level also. Taking the broader side, if Nifty manages to cross & hold above 5484 level then one should pack the bags for a upside ride & we can see levels of 5524-5552-5575. In the meantime the more time Nifty fut trades below 5484 and is unable to cross this, the more it will become harder for bulls to cross it in coming days, so all traders must trade with levels and not with sentiments. If bears are able to hold nifty on downside below 5484 level for 1-2 days on closing basis, then in coming days we can expect some sharp downside movement in markets. In intraday today Nifty fut have support at 5448 level, breaching this level markets can tank down to 5420-5402-5390. However, if today bulls manage to gain strength and comes up again above 5484 level, then it will favour the bulls, but one must not get trapped in this rally & must not create fresh longs at higher levels, as this rally can fizzle out any time sharply.
In this upside movement of rally, we recommend all traders to stay cautious in range 5484-5524, as this range can be trend reversal range. All trades must be done with strict stoplosses & profits in long positions must be booked time to time at higher levels. In coming days we can see some crucial and unexpected moves in markets, so all traders must stay hedged properly for all their long/short positions. In current scenario, trading with the levels is the best thing to mint money. Those who run behind the expiry targets,day closing targets etc etc , will be trapped badly and will miss the opportunity to earn profits from both up-down sides of markets.
In this upside movement of rally, we recommend all traders to stay cautious in range 5484-5524, as this range can be trend reversal range. All trades must be done with strict stoplosses & profits in long positions must be booked time to time at higher levels. In coming days we can see some crucial and unexpected moves in markets, so all traders must stay hedged properly for all their long/short positions. In current scenario, trading with the levels is the best thing to mint money. Those who run behind the expiry targets,day closing targets etc etc , will be trapped badly and will miss the opportunity to earn profits from both up-down sides of markets.
Nifty Levels
- Resistance -5465-5484-5510-5524
- Support - 5448-5420-5402-5390
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Intraday Calls
For LIVE MARKET CALLS, Cick here.
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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