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Market will be volatile. Rajesh V suggests L&T and HUL
World market and also Asian market closed in red yesterday with more than 1% change. We can expect this to reflect in Indian market also. Therefore, a very high volatile market will not be surprising. Over the last three days we have moved in the range of more than 100 points.
Nifty today levels:
supports – 5585 / 5566 / 5534
resistances – 5648 / 5668 / 5700
Bank Nifty Futures - Bank Nifty)
Most of bank stocks are in the red. This includes Axis Bank which has fallen 3.25% and the State bank of India, which fell 1.75%.
Bank Nifty levels
supports - 11070 / 11020 / 10960
resistances – 11210 / 11255
As SGX is trading -75 points we can also expect nearby gap down opening on Nifty. if Camarilla 3rd low supports then only can we expect a pull back in intraday.
Stock Market is having a wild market behavior at this stage, it is advisable to reduce your intraday volume.
Intraday calls
Hindustan Unilever futures (Cash segment price is available here)
Sell below at Rs 332
Stop loss at Rs 335.20
Target price of Rs 328
Rajesh V. Ravanappan is a practitioner of technical analysis. He has eight years of experience in the share broking industry. He is a contributing writer for www.www.goodreturns.in
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