Nifty and Sensex end the day with a gain of around 45 points and 154 points respectively.
Nifty, is now trading close to its upper end of the consolidation area near 5965-70 mark, which will act as a hurdle going forward.
6000 Mark can also act as a Psychological barrier for bulls.
A convincing close out of the range (from 5800-5820 to 5960-6000) will decide the future price action.
We advise traders to trade with strict SL on both the sides (Support for Nifty can be near 5930-5900 levels after which 5800-5820 levels will be crucial).
Trying to capture stock specific movements would be advisable. (I am currently bullish on GDL, Apollo Tyres, Coal India
Currency View -
EURINR - Trading sideways (Range 72.30-73.10)
JPYINR - Downtrend, some positive signs on daily charts Supports 63.20-62.50-61.60
USDINR - A bit sideways Support 54.70 & Resistance 55.40
GBPINR - Support 88.30 , Resistance 89.90
Commodities View (Near month Future contracts) -
Gold Mini - Sideways in the range of 30700-800 to 30100-30000
Silver Micro - Sideways in the range of 58500-700 to 57200-57000
Crude Oil - Resistance 5040-50 Support 4960
Regards
Hrishikesh
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