Technically, Nifty breached the vital sentimental support level of 6,200 and 6,170 and managed to close near day's low. Owing to the selling in mainline stocks, Nifty tanked in last hours of today's trading session. There is significant interest buildup in the call-6,300 and put-6,100. For the day, Nifty has registered its PCR level at 0.97 against 0.87 as of previous trading session. Because of selling at higher levels, Nifty successfully closed above the vital 9 day's SMA placed at 6147 and managed to close above 14, 50 and 100 day's SMA placed at 6,107, 5,745 and 5,507 with a good margin; these levels may act as new supports, in coming sessions.
In the next session Nifty is expected to trade in the range 6,150-6,250. Sustaining below 6,250 would attract selling pressure. IT-stocks along with auto may attract buying while oil-gas and banking may appear weak.
Filed Under : Daily Nifty Views and Recommendation
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