VERY SHORT TERM VIEW : CAUTION
• Nifty opened negative with weak global cues and tested 4900
mark on the back of selling pressure in Realty, Auto and Metal
sector stocks. The market breadth is weak as small and midcap
shares also succumbed to selling pressure. Now Nifty
has crucial support of 4880-4850 levels for the market and if it
breaks then further selling could be seen in the market till 4800-
4750 levels. For market to show any reversal for up move it has
to close above 5050 levels.
• Negative below: If Nifty sustains below 4880 levels and breaks
4850 levels then it may fall and further profit booking till 4800-
4750 could be seen in the market.
• Positive above: Any close above 5050-5100 levels could be
considered as positive sign for markets; in that situation it may
continue to rally till 5250 levels.
TRIGGER LEVLES
• Strategy to be adopted: Wait and
Watch approach as all sell calls target
reached, if still holding shorts then
can keep trailing stop loss of 4930
levels.
• European markets opened negative.
• Declines outnumbered Advances in
trade. 1162 shares declined while 120
shares advanced and 36 shares remain
unchanged on NSE (By 1.40PM).
NIFTY HOURLY CHART (FOR VERY SHORT TERM VIEW: 1-2 DAYS)
IMP. NOTE: The BM/RM/Dealers should keep in mind trigger levels given
above and get
mandate from clients accordingly so that when required triggers happen
they can execute the
trades without waiting for calls.
Guide for short term Traders :
SHORT TERM TREND : 2-7 DAYS
SUPPORT RESISTANCE
NIFTY 4800,4750(Weak below 4750 ) 5080, 5150 (Strong above 5150)
Guide for positional Traders :
MEDIUM TERM TREND : 2-8 WEEKS
SUPPORT RESISTANCE
NIFTY 4750, 4700 (Weak below 4700) 5200-5250(Strong above 5250)