Dear all,
Spot Nifty took a support at 5150 levels and gave a quick bounce where it tests the day's high. 5220 will now be a tough resistance for Nifty to break, as it needs a high positive trigger for the same (that could be the IIP data today, though not sure). The trend is short term negative unless Nifty trades above 5220. Defensive Play on in the market with Pharma and FMCG showing positive movements. Rest all is negative, Sugar is still a good bet and one could expect more positive flows into the sector.
Cements that were silently positive is turning weaker with momentum and one could see few more down side on the same.
We suggest traders to revise their SL for long positions @ 5200 on Spot Nifty.
In case of Nifty breaching 5150, the trend will be little more weak wherein the possibility of Nifty testing 5000 levels will be increasing. We expect a range bound movement in Nifty in the range of 5150 - 5300 for quite some more time. In broader view the range will be 5000 - 5400 till Nov 21st as per TMC.
Avoid bottom fishing in Banks unless you have a valid reason for any buy. Just do not go because of the falling prices. Auto is turning weaker and you could see a little more fall in the sector with stock specific corrections.
Thanks and Regards
Rohit Saxena
Losers say it is hard and impossible, but winners say it is hard but not impossible." Rohit Saxena
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