Tuesday, 6 October 2015

Outlook for 06th October

We had mentioned in our post yesterday that Bank Nifty has been under performing since the last couple of days and is moving in a range of 350 points between 17100 - 17450, breaking on either side should be watched for a move in Nifty too and today it moved up and participated in the upmove and helped Nifty break above the congestion zone of 8023 - 8068 and also break and close above 8100 . This is the first close above 8000 since 28th August and the first above 8100 since 24th August . Nifty has taken 27 days to give a close above 8100 again.

Today's closing was bullish and a continuation of the upmove in the next few days cannot be ruled out with global markets also beginning to support . 

Incase of a gap up opening Nifty spot has initial resistance at 8134 - 8165 , breaking and sustaining above it Nifty can test 8195 - 8210 levels . Similarly incase of a gap down Nifty spot has initial support  at 8104 - 8074 , breaking and sustaining below it Nifty can test 8044 - 8030


Levels for tomorrow are

Nifty Spot

Long above 8136 for 8184 – 8200 – 8220 , SL 8103

Short below 8103 for 8054 – 8038 – 8022 , SL 8103

Bank Nifty Spot

Long above 17770 for 17845 – 17941 – 18035 , SL 17575

Short below 17575 for 17505 – 17410 – 17310 , SL 17770


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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss .