Market still looking weakness and touch 3 year new low. Still FII continue to selling and banking stocks, which were major support of index, have broken support and more downside possible as comment from some days.
The market is likely to continue to drift downwards until elections. There are no positive triggers from global markets to take our market higher. In fact, global markets could have a negative surprise in store and that could take our market much lower,
Nifty now have very important support of 2500 if breaks and hold below then we can get 2300 or 2200 levels in coming days overall market remain downside till election. Nifty resistance levels of 2700 and hold 2500 level. Global Index are playing more important role for Indian market so keep your eyes on global index..
NIFTY FUT OI up 1.77% with 26% decreasing volumes indicating forming of short positions.
We expect NIFTY FUT to trade volatile.
Resistance : 2585 / 2615 / 2650 / 2680
Support : 2565 / 2545 / 2515 / 2460
Resistance : 8180 / 8250 / 8325
Support : 8090 / 8025
Resistance : 2555 / 2580 / 2610
Support : 2525 / 2500
Resistance : 3350 / 3410 / 3505
Support : 3250 / 3200
Stay Short Below 2540-45,Sl Above 2570,Tgt 2525-2510-2490-2430,
Sustain Above 2570-75,Buy with Sl below 2545,Tgt 2280-2610-2635- 2650.
Buy BAJAJAUTO Above 495,Tgt 505-515-540,Sl 480
Buy BHEL Above 1305,Tgt 1325-1340-1380,Sl 1295
Buy HEROHONDA Above 935,Tgt 945-955-975,Sl 925
Sell HLL Below 215,Tgt 210-200-185,Sl 225
Sell MARUTI Below 650,Tgt 635-615-575,Sl 660
Sell JINDALSTEEL Below 990,Tgt 960/40,Sl 1005
Sell SBIN (895) ,Tgt 875/860,Sl Abv 910
RIL (1154) : Buy @ 1130/40,Sl 1120,Tgt 1150/60/ +
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