MARKET TREND:
Yesterday
Market taken breather from its sliding with the help of FIIs Index
Futures longs. But profit booking is witnessed in Mid cap segment,
which taken the market breadth to negative. As we mentioned yesterday
Trend line & Elliot Wave Lines are holding Market above 6650. With
this support Nifty may try to cross yesterdays high, but technicals are
not favoring, it may difficult to cross 6800 in these 2 days. Once
Elections opinion poll start coming, from May 13th, Market will face
more volatility. As the Nifty closing below 20DMA from last 4 days and
Nifty OI range is intact between 6500-7000 and Trend is Supporting at
the present levels, market may get more consolidate at this range for a
day or two.
Today
Market open with positive note in line with SGX Nifty and as Major
Asian Market Hong kong on holiday, Nifty may be range bound till Europe
Opens and may go for profit booking.
NIFTY SPOT LEVELS:
Pivot: 6707
Resistance: 6733/6768/6794
Support: 6672/6646/6612
NIFTY FnO BAN: REL CAPITAL
STOCKS FOR DAY:
GRAVITA EQ: BUY > 36.50 TRG 39 SL 34.50
ONGC EQ: BUY > 335 TRG 343 SL 328
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