After vertical fall in Nifty future we have seen two consecutive positive close in Nifty future. It made a recent low of 7579.35 and bounced back sharply to 7717 and finally settled at 7706. Now we will expect range bound trading for next two trading sessions as all eyed on FOMC meet which is scheduled on Late Thursday
Yesterday we have seen positive momentum in Adani Entertainment, Bharat Forge and Bajaj Finance. Almost up by more than 3% while Dish TV falls more than 3%. Crompton Grieves and Punjab National Bank still is in struggling mode
Now what to expect???
Nifty future find crucial support at 7550 and resistance at 7733. Looks positive and could test its resistance level of 7730 mark. Close above 7730 will see further upside rally till 7790--7820 and then to 7880+ mark in days to come
Downside target still seems limited and any sharp panic will be buying opportunity. We are very much hopeful on long side and not interested in selling side but trade with levels only
Intraday... Above 7709 will see rally till 7725---7733 and then to 7768 mark else it could test its support level of 7679 again
Decisive break and sustain below 7679 will see panic till 7643---7628 mark. More and more panic will see only close below 7550 mark
Trade with levels only... Anything seems will update via SMS
Today's Top Pick
JSWSTEEL.... In panic too moving towards north direction and still looks positive on charts. Above 1030... Catch it for the intraday target of 1055---1070+ mark in days to come
If break and sustain above 1030 then maintain stop loss below 1005
More levels and positional calls will update during market hours
