Nifty trading levels for tomorrow

Another good week for the market as new all time highs kept this uptrend rising. The market started the week at 8350, rose to 8420 on Monday, pulled back to 8350 by Thursday, then rallied to 8470 on Friday. For the week the Nifty was  up by 1.12%. Bank nifty rose 2.73% last week. Reality and was slightly down. Friday rally was due to the buying in banks . Two major mergers during the week and positive global cues helped market to churn out solid gains. SBI, Kotak Mahindra Bank, PNB, Bharti Airtel Cipla and Reliance Industries were among the big gainers, climbing 3-10 percent. Second line shares did well during the week, but investors showed a marked preference for the large cap names. Among sectors the week cleary belonged to public sector banks (Bank Nifty was up 2.7 percent while PSU Bank index jumped 4 percent) followed by capital goods, infra, auto and FMCG stocks which logged 1-2 percent gains during the week. Metals, realty and consumer durables remained weak. Foreign flows have been slightly subdued as rupee weakness has led to selling by overseas investors.

SHORT TERM NIFTY CALL

We are advising the traders to stay away from the market.   Technically we relies on stochastic and MACD . Both showing an over bought signal . This does not means a correction immediately. But if it losses the support below 8420 then a correction of further 100 points can be expected.

Trading levels for Monday

Recommendation : SELL

Sell Below 8469 (nifty futures)

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