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On Tuesday, the market opened higher but quickly went below the lowest of last two days, which was at 6,170 (spot Nifty). That has fuelled further bearishness up to 6,145.
The selloff was mainly due to weak global cues and failure of the Nifty to perform above 6,300. However, towards the end it recovered partially on the back of quick surge into private banks and telecom stocks.
Outlook: We are of the view that ahead of the quarterly result of an index giant Infosys Ltd the market will try to manage and trade above 6,129. On the dismissal of 6,129 bears will take the charge of the market as in that case it has scope to fall to 5,900 levels where the market is having support of 200 days SMA.
On Wednesday in case if the market opens higher then we can expect activity out of private banks especially HDFC bank and Yes bank.
From the telecom space Bharti Airtel and R Com are exhibiting medium term bullishness Above 6,191 we can expect quick pull back to 6225 and up to 6,265 levels. Keep a watch on bank nifty and buy if it sustains above 11100 levels with a stop loss at 11030 levels.
By Shrikant Chouhan, Head- Technical Research, Kotak Securities
NOTE: The views expressed are those of the author