Today Nifty exhibited its weakness and closed on red note. Nifty failed in originating any recovery rally and thus lost its sentimental level of 5900. Inline to a weak show, Bears maintained their supremacy over bulls to regain the full control of the market and because of this, Indices closed with negative market breadth. In today’s session, Nifty not only lost its vital supports of 4900 and 54920 but also closed below the vital supports of 9 & 14day’s SMA placed at 4943 and 4988. 50 &100 day’s SMA levels were recorded at 5115 & 5311 levels, i.e. above the Nifty closing; these may be the resistances in forthcoming sessions. Selling was evident in Large Caps, small cap & mid cap and most of the Sectoral indices too closed on weak note. In today’s session, VIX, the barometer of uncertainty, closed at a little corrected level of 35.07, but it still indicates a more than average volatility in market in the forthcoming sessions. RSI (14) for the session was at 41.08 levels and MACD closed below the signal line, thus combined together they are giving the signals that; market may continue to witness consolidation in forthcoming session.
STOCK MARKET LIVE INTRADAY CALLS
Buy Educomp Solutions Ltd below 236.00, target 249.00 for Intraday
Sell Orchid Chemicals & Pharmaceuticals Ltd above 161.61, target 123.45 for Intraday
