On 12November, Nifty fut have support at 6202 level, if this level is breached we will see markets sliding down to the levels of 6180-6155-6124. Consecutive Closing below the levels of 6220, will create panic selling in markets. However if markets are able to sustain above 6180-6155 level, we can expect a bounce back in markets in intraday. On higher side Nifty fut have resistance at 6254 level, if this level is crossed and sustained then we can expect some upside till the levels of 6272-6290-6318 levels. We were continuously saying since last few days that below 6360 level bears will be active again, and now the result is in front of you all....Nifty was unable to close above 6360 level for full week and today it made low 6208 from highs of 6349. 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 6124-6360. Crossover of this range on either side will show some sharp movement.
We recommend all traders to keep a watch on 6155 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 around 6155, 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 stop losses, 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. Watch out the markets cautiously and trade with strict discipline and stop loss. Don't try to speculate or time the markets. Simply trade on levels and mint money from both up-down movements of markets.
Nifty Levels
- Resistance - 6254-6272-6290-6318
- Support - 6202-6180-6155-6124
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Intraday Calls
- ISMT Ltd abv 64 tgt-65.6-67-70
- Hindustan Motors abv 27 tgt-27.9-28.5-30.3+
- DPSC Ltd abv 3265 tgt-3410-3763-3900
- Onmobile Global abv 318 tgt-321-326-330.4
- Also watch Four Soft, SBI, Bliss GVS, Indian Hotels.
For all trades, keep trailing your stop loss once the stock is above the buying price. Don't take delivery of any intraday call. Avoid spike buying.
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