MARKET TREND:
Yesterday
Market is 3rd day consolidation by respecting 6050 and Bottom Hammer
Formation. This indicate the Trend Formation and which may execute in a Day
or Two. Yesterday Market has taken Trade Balance Data as Positive and
forced Traders (since it is 3rd day) to cover major volume of shorts and
closed Nifty with Plus but with Red Candle. This indicate still some
more Shorts were in the system. Derivative OI data indicate Nifty is
tact between 6000-6200 with bottom support of 6000. Any positive data
can be advantage for Nifty to make Gap Filling, which is at 6240/6250
area. In general Trend Change take place with News/Volumes, we hope
today Economic Data will provide the Trend Direction (we are
optimistically positive).
Day
Traders advised to Follow Momentum Trades in Equity / Futures (with
strict SL) or Positional CE/PE to minimise their cost and safe guard
Trading Capital. Positional Traders can go for 6100 CE at lower level with 5980/6000 SL
NIFTY SPORT LEVELS:
Pivot: 6065
Resistance: 6078/6095/6110
Support: 6050/6035/6020
NIFTY FnO BAN: NIL
STOCKS FOR DAY:
HPCL EQ: BUY > 247 TRG 253 SL 243
REL INFRA EQ: SELL < 361 TRG 354 SL 366
UTTAMGALVA EQ: SELL < 68 TRG 67/65 SL 70
BHARAT FORGE EQ; BUY > 355/361 TRG 361/375 SL 352
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