YESTERDAY CALL
Nifty traded in a tight range so it didn’t hit either support level or resistant level.
MARKET VIEW FOR TODAY
Today nifty was volatile and FII’s were net buyers. I thought nifty would move upwards and touch 4655 levels, which is critical resistant for further up move, but even though Q1 results were good that had not happened.
MARKET VIEW FOR TUESDAY
Again Q1 results and RBI policy are to be watched for further direction. In addition FII’s are net buyers for past three days should not be left unnoticed. Based on this I suggest buying but with strict stop loss 4520.
NIFTY LEVEL
Technically a waiting pattern is formed in the price chart and to my mind, the issue must be RBI policy, would any decision turns against the expectation then the FII would drag index to 3600 levels. I suggest visitors trade cautiously sticking to the levels and strict stop loss. I suggest buying above 4583 levels with strict stop loss 4520.
SUP: 4568, 4520, and 4480. RES: 4583, 4620 4655. STOP LOSS: 4520.
Thanks for visiting!