5524 Key level for Nifty today: Ashwani Gujral

What is the call on the markets and what are your trading ideas?

Ashwani Gujral: The Nifty is now headed towards the stiffest resistance yet which is 5650. Once 5650 is crossed, we can safely say that probably the entire nightmare is coming to an end. So today’s key level is 5524. As long as we stays above that, we should be okay. Resistance should be at 5581 and 5626. Bank Nifty, we need to cross 10913 decisively and resistances will come at 11067 and 11220.

On CNX IT, 6768 will remain a key level. On individual stocks, Exide has made a nice rounding bottom. So we can buy this with a stop of about 135, target of 150. HDFC slowly moving higher, now we can buy this with a stop of about 650, target of 710. Yes Bank again buy with a stop of 265, target of 290. JSW Steel is crossed back into that range of about 950-1150. So we can buy this with a stop of about 920, target of 1050 and Escorts seems to have bottomed out. So we can buy this with a stop of about 114, target of 141.