BUY TITAN FUTURE ABOVE 216 FOR TGT 222,226 SL 210
NIFTY dropped marginally amid volatility in afternoon trade due to fall in European markets. The NSE benchmark declined 14.7 points to 5,127.20 ahead of expiry.
Today was the day of June series derivative settlement. NIFTY continue to see the same range bound activity as yesterday: the Nifty played within a range of 5130 and 5150 .
We ought to monitor the level 5120 as the key support zone for the Nifty while on the way up the range between 5160 and 5170 would be resistance zone to watch out for. If you see it going up beyond 5170 and sustaining above it . Major supply pressure would be there between 5206 and 5224, in case we see any major short covering rally.
We continue to think that the current market is a buy-on-dips market so long as the Nifty does not fall and close below 5050 for two successive sessions. And once the level of 5250 is taken out—whenever that happens—we would see bulls strongly in the driver’s seat pushing the market further up.
Resistance 1
|
5150
|
Support 1
|
5120
|
Resistance 2
|
5170
|
Support 2
|
5100
|
Resistance 3
|
5200
|
Support 3
|
5070
|
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