Nifty is in a range: Gaurang Shah, Geojit BNP Paribas Financial Services
6300 and upwards, is that something that you will look for as a steady hold for the Nifty in the coming few days?
I would definitely and at the same time, I guess opportunities on spot Nifty 6250-6260 levels. Even from a short to medium-term point of view, it is a good level to get into. You have seen at least throughout the day - since morning - twice the spot Nifty tried to cross over the 6300. It did so a couple of times and then cooled off a little bit. This kind of choppy trade one can digest given the fact that over the last two or three trading sessions, especially last week on Thursday and Friday, we did have a marginal 1.5 hour session on the Muhrat trading but even if you ignore that, you had a substantial rise coming in both Sensex and Nifty.
Today because of SBI, you have a little bit of negative weightage on the index. If SBI was not down 4%, you might as well be above 6310-6320 levels on the Nifty spot. Having said that, we are in a range, let's not forget that. We could possibly trade in a range of about 6240 on the lower side, 6320-6330 on the higher side and the decisive move upwards will come once we cross over those all-time highs of 6340-6350 on volumes and a large participation coming in from the frontline stocks. The level on higher side to watch out for will definitely be about 6420-6440.
