MARKET TREND:
Yesterday Market has closed with Poor Technical. If we see the opportunities in these market we will be in, high risk and high returns zone. Let us see positives for market: 1. Nifty support at 6430/6358 and resistance at 6563 (for short term), OI range intact between 6400 - 6600 along with new OI additions and active trades and Movement Indicator is in positive. FIIs are in Equity Buying side worth of 722 Cr and US market positive close.
If we see negatives: Breadth is in negative, 6363 long contracts were sold by FII in index futures and more than 2000 Short contracts also squared off by decreasing OI to 8409 Contracts. 6480 level is breached by Nifty, which is one of the psychological level. PCR is @ 1.09. Rupee losses by 0.37% (61.34) which indicates, cash outflows. Week end. Holding some more shorts in the system.
Today market likely to open with positive note. Considering all these above negatives and positives, we can understand market likely to play more volatile and may witness Sell at Highs. As we see Options' Premiums also are not much attractive, day traders hedging/dealing with Index Futures will be more viable than Options. As equity stocks are under Rotation or in Shifting trade, day traders should maintain strict SL.
NIFTY SPOT LEVELS:
Pivot: 6493
Resistance: 6513/6543/6563
Support: 6463/6442/6412
NIFTY FnO BAN: LNTFH
STOCKS FOR DAY:
MUKAND IND EQ: BUY > 23.50 TRG 26 SL 22
KILTCH DRUGS EQ: BUY > 20.25 TRG 22.25 SL 19.25
CROMPTON EQ: SELL < 152 TRG 147 SL 155
MCLEOD EQ: SELL < 281 TRG 275/273 SL 286
TATAMOTORS EQ: SELL < 381 TRG 377 SL 384
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