It was a welcome break for losing sessions in Nifty and Sensex and we see a bounce back in Nifty on the last closing day of derivative expiry of August series due to short covering. Now 5300 is going to be a psychological support and we are in uptrend till this magical level of 5300-5270 is held.
Now tomorrow is a day to watch and a close below 5300 is detrimental for the bullish trend in market. Bulls can have a cheers party if Nifty is able to give a closing above 5350 level. Thus ideal way to make money in markets is to trade with hot stock of the day which yields profit irrespective of the trend in the market. Technically market is weak as select momentum oscillators like the MACD and Stochastic Slow are still negative. Thus one has to trade with caution and should not leave the positions unattended as up moves are going to meet stiff resistance.
Support and Resistances for the Day
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Strong future shares at National stock exchange
MTNL, MC Dowell, GSPL, Apollo Tyre, Hind Uni Lever, TCS, Shri Ram Transport, Ranbaxy, Cipla & M&M.
Weak future stocks at NSE
Alok Text, IFCI, S Kumars, JP Power, Ibrealest, Patel Eng, Jain Irrigation, Adanient, TTML & R Power.
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