What must be our strategy at this juncture, we have seen in the past market has given a decent correction from the current level i.e. 6100-6250.
What's making us worry ,is the technical indicators .
1.On 60 min time frame , we can see negative divergence
2. ADX too on the daily time frame shows negative divergence
3. Bollinger band on daily , weekly and monthly time frame is showing a resistance at 6275 area
4. MACD histogram indicating divergence
5. BUT we have seen broader market participant and good Volumes too.
So it is an indecision stage for positional trader and Investor to take a call on the market.
We have also seen that there is a lack of retail market participation and we have liquidity driven rally .
A clear picture of breakout is possible if we give monthly close above 6375 and we can see correction if we break 6065 on closing basis.
Till then every dip is buying opportunity in this market
So for this week ( spot level )
Range for nifty 6275- 5961
1. So below 6175 we can see the correction till 6139-6131 , as now 6129.35 is important low below which 6095
2. If we get a correction till 6095 , then buy nifty with sl of 6066 tgt 6135-6187-6222
3. We can see sell off only below 6015 on closing basis , in that case sell below 6015 sl 6070 tgt 5963- 5914-5880-5864
4. One can also buy above 6139 sl 6117 tgt 6187-6222
Stocks for this week (spot level)
1. Range for sbi 1574-1734
Buy sbi with the sl of 1609 tgt 1684 -1702-1712-1728. Sell only below 1598 sl 1615 tgt 1534
2. Range for yes bank 305-380
Buy yes bank with the sl of 319 tgt 354-375-387
3. Range for Maruti 1395- 1549
Buy on dip till 1420 with the sl of 1392 for tgt of 1501-1525
4. Range for ABB 532-593
Buy ABB with the sl of 532 tgt 577-593
ABB hit 595, maruti target done in single day and yes bank ' first target done (354)