MARKET TREND:
YESTERDAY NIFTY HIT THE NEW HIGH, BUT CLOSED BELOW THE TREND LINE. FIIs ARE IN BUY AT DERIVATIVE SEGMENT & EQUITY MARKET. BREADTH IS GOOD. MORE THAN 6K SHORT COVERED AND > 6K NEW LONGS ADDED IN INDEX FUTURES. STILL YESTERDAYS CANDLE IS WEAK (INVERTED CANDLE IN RED) AND NOT SUSTAINABLE. ALL THESE FACTS GIVES US FEEL AS: MARKET IS AT SELL AT HIGHS. AS 6700 CE AND 6500 PE OPEN INTEREST ADDED, VOLATILITY IS GOING TO INCREASE, AND DAY TRADERS/POSITIONAL TRADERS HAVE TO TRADE WITH STRICT SL.
TODAY NIFTY LIKELY AT OPEN WITH POSITIVE NOTE AND LIKELY TO GET RESISTANCE AT 6610. DAY TRADERS CAN GO SHORT AT 6610/6600 LEVEL WITH 6640 SL.
NIFTY SPOT LEVEL:
Pivot: 6530
Resistance: 6562/6607/6640
Support: 6484/6450/6405
NIFTY FnO BAN: LNTFH
STOCKS FOR DAY:
CAIRN.EQ: BUY > 331 TRG 335 SL 328
ZEE ENT EQ: BUY > 280 TRG 285 SL 276.50
FEDERAL BANK EQ: SELL < 89 TRG 86 SL 90 (SELL @ HIGH)
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