Dear All,
Spot nifty tested the resistance of 5030 last day. Strong markets should not breach the level of 4960. But on the other hand, with shorts covering on last day and the money flow of cash indicates there might shakes to the supports and resistances. In such case we can expect the support to be at 4920 - 4900.
For the time we expect the level of 4900 to act as a good support and break below the same should be taken a serious caution to reduce longs and exit weak longs.
- Banks are on the consolidation phase and could witness range bound trade. Close above 9710 on Spot can give more room for a potential upside.
- IT is good for trading longs.
- Capital Goods was turning to be good but again witnessing pressure, we suggests not to make any bottom fishing in LT.
- Metals are in the moderate trend with not potential upside for immediate term.
- Oil & Gas looks good and offers to be safe bet.
- FMCG is witnessing action and we might see good rally in short term, favorite picks are ITC, BRITANIA, NESTLE, COLGATE.
- Autos are in the moderate phase, though will offer trading opportunities, potential upside indication is missing.
Thanks & Regards
Rohit Saxena
Phone No: 09899365905
Mail Id: simmi9sep@gmail.com
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