Nifty intraday support placed at 6046 and 6007 - IDBI Capital

On Friday, the session has ended by forming an "Engulfing Bullish Candle" on the daily charts. The action indicates of a strong commitment from the bulls on every dips. At the opening bell, Nifty started the session on a flat note; initially, it consolidated in the range of 6014 to 6036.And in the afternoon session; a strong buying emerged and Nifty scaled higher gradually for rest of the day before halting the session at 6074 with 54 points gain on the weekend. Since past two months, Nifty has been inching higher with narrow margin. However, the weekly set has formed a "Hanging Man" which indicates a caution at these levels.On the oscillator's front, RSI & MACD have scaled higher towards the trigger line on the daily charts. Overall, the market breathes have improved marginally with even volumes compare to the previous day.

Technically, last week's trading range (6007 to 6101) will act as a trend deciding levels for the current week. And on the back of the F&O Expiry, markets would witness intense volatility due to the roll over activity. Therefore, traders are suggested to look out for appropriate signals before taking trading positions on the indices. While swing traders are suggested to keep focus in the oversold stocks.On the back of the strong international cues our markets are expected to open on a positive note; while indices could trade sideways to volatile for the day. However, any contrarian call will be covered during the trading sessions. Therefore day traders are suggested to first take a clue from the initial half an hour range in Nifty and then trade accordingly in the direction of the breakout. Intraday support levels are placed at 6046 and 6007 whereas the resistance levels are placed at 6101 and 6147.

Source : Equity Bulls

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