What we saw in the previous weak was a range bound market between 7425—7550.The market after rallying up did see some correction but maintained the levels and traded in a channel.
FII’s and DII’s did invest but there remained covering as well probably the reason of market trading in a range. Now this week will remain crucial as it can decide it the market maintains its strength or it was just a small rally due to some positives coming out of the budget.
On Friday Nifty made a high close to 7560 levels and closed at 7520 gaining 24 points from the previous day.
Our buy call in Kotak Mahindra Bank has proven great and made a high of 660. We recommended buying around 630.
Not only that our call in COLPAL also worked well, where we asked you to short COLPAL below 805 and booked part profit at 795.
Now what to expect today?
Nifty Futures has support at 7430 and resistance at 7550---7580. Looks positive and could test its resistance level of 7580. Two consecutive closes above 7580 will see sharp upside move in it. Fresh selling can initiate only close below 7430 mark.
While overall trend looks highly bullish in Nifty but trade with levels only. Positional stop loss below 7000 mark.
On the other hand... Above 14700. Bank nifty rally remain continue. Two consecutive closes above 15410 will see more upside rally till 15900---16300 and then to our ultimate target if 16750.
Any sharp panic will be buying opportunity in it.
More we will update during market hours.
Today's top pick
Marico (Cash).... We recommended buying around 240---230 mark. It flared on Friday. Now above 248... we will see further upside rally till 255---258+ mark in days to come.
Revise stop loss below 240 mark.
More will be update soon during market hours only on our Android App!!
