The daily trend of Nifty is in Up trend and will remain so till the time the level of 5100 is maintained. The moment Nifty crosses the level of 5175; we will see another round of short covering which will take Nifty to the levels of 5220-5250.
Now we need to see whether Nifty takes past 5200 mark on the last trading day of the week i.e. Friday and if it does so than we will see the new high being formed in Nifty in short term. Thus now is the right time to trade in intraday with hot stocks of the day which will yield results irrespective of the condition in the market. We are sceptical of Nifty crossing 5200 mark as profit booking will be seen at this level as it happens to be a great psychological barrier.
However intraday traders can get on to the short side on Nifty breaking the level of 5146 as it signals that bulls may be getting tired and will take support at 5100 mark. The market breadth on the Bombay Stock Exchange ended strong with 1,658 advances and 1,079 declines.
Support and Resistances for the Day
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Strong future shares at National stock exchange
Hind Oil, NCC, Pir Health, HDIL, Pantaloon R, GVKPIL, JP Associate, Hind Petro, Ambuja Cement & Jet Airways
Weak future stocks at NSE
Orchid Chem, BEML, Opto Circuit, Adanient, Suzlon, Adani Power, Arvind, Maruti, Colpal & Godrej Ind.
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