Market opened in red as short covering was the order of the day as market showed high volatility as investors were hesitant to carry their position post holidays as expiry also near the corner.
Market opened in negative note on Wednesday as Nifty ended above 7700 again and settled at 7717 gaining just 1.60 points to the index. Although Nifty traded with high volatility as it made low of 7671 and made high of 7727 before closing at 7717 almost at par with previous closing. Showing high range bound volatility.
Our BTST proven great. We recommended buying in Just Dial (FUT) around 700-690. It made a high of 749. We booked profit at 724.
Now what to expect today? ? ?
Nifty futures settled at 7717.It is showing near term resistance at 7740. If this level is breached then we may see further upside rally till 7780---7805 and then to 7840+ mark in days to come.
It has a near term support at 7660---7600
Bank Nifty looks bullish in charts and has high probability of sustaining a bullish rally. We can also expect some correction in Bank Nifty as it is already at a high levels.
Currently Bank Nifty has crucial resistance at 16050.If this level is breach then we will see further upside rally till 16300---16450 and then to 16700+ mark in days to come. It has a near term support 15600.
Today's top pick
After ACC and LT... Now it's turn for Hindunilver.
Support at 860 and Resistance at 880. Once break and sustain with volume above 880 will see further upside rally till 900---910 and then to 925+ mark in days to come.
Trend looks positive on charts and it has immediate support at 860.
(Above mentioned levels are as per future price scripts)
Trade with levels only... More levels will update during market hours
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