13 Oct: Nifty View

Nifty moved in a broad range today giving opportunity for both long and short trades to traders. Nifty started falling from the opening trades right till our last support zone given at 6060 (actual low 6068.2!). In the past few days, we have been talking about the importance of 6070 and 6140 levels. These levels have still not been breached on closing basis. Till we get a breakout for a broader range, intraday traders can trade this range of 6070 - 6140 for smart gains.

At NiftyPower, we took two trades today. First one a buy at the support zone of 6170, which unfortunately, just touched our stoploss before reversing. We took the long trade once again after Nifty confirmed support at our final support level of 6060. This trade gave us good 25+ points.

Now for 13 Oct, the support for Nifty still comes at 6070, below which 6040 can be expected after a minor bounce from 6060 levels. The high OI at 6200 PE indicates a good support near those levels, which can get tested if 6040 is breached. On the upside, immediate resistance for Nifty comes at 6110-6120 levels above which it can again test 6140/45 and 6175/80 levels. Trade this market with both long and short trades till we break the range of 6070-6140 on closing basis.

13 Oct: Nifty spot resistance at 6110-6120-6145-6175-6185. Support at 6090-6070-6060-6040 - www.niftypower.com

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11 Oct: Nifty View

In the Nifty View of 7 Oct., it was given that "........watch the action at 6070 and 6140 levels if they come. Intraday traders can trade this range of 6070-6140 till we get a confirmed move above or below these levels....". Nifty made a high at 6147 at opening itself and then started falling to make a low at 6167. At NiftyPower, we went long near the support levels (red circled region in chart) for easy 20+ points of gain.

Now for 11 Oct, strong support for Nifty still comes at 6070/6060. Resistance for the upmove will now come at 6125 and then again at 6140-6145 levels.Above 6145, Nifty will trade with a positive bias and would again enter the trading range of 6140-6220. Intraday traders watch the action at 6100 levels for directional clues. If Nifty manages to hold 6100, it can go on to test 6125 and then higher levels. Failure to hold 6100, however, would invite fresh shorts for break of supports.

11 Oct: Nifty spot resistance at 6125-6145-6160-6185. Support at 6100-6085-6070-6060-6035 - www.niftypower.com

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8 Oct: Nifty View

We have been advising against positional longs from the beginning of the week. The time for going long will definitely come. Grab it with both hands when it does and do not miss out due to fear.

After doing nothing for almost the entire week, Nifty finally gave a breakdown below our reference level of 6140. After that, it was panic selling from those longs who had bought at the supports. Remember, people get trapped in their positions only at the Supports and the Resistances. It is up to the trader to quickly recognize that the support has been broken and go short. That's what we did Today, earning nearly 50+ points in both long and short trades.

For today, we will have to again watch our breakdown level of 6140. In case of any bounceback, it should limit to 6140 or maximum 6165-6170. If manages to get past 6165/70, it would invite some panic short covering/ fresh buying which can again take it back to 6220 and higher. However, if it is resisted at 6140, downward supports would come at 6100-6070 levels. Below 6070, we might see much lower levels. In short, watch the action at 6070 and 6140 levels if they come. Intraday traders can trade this range of 6070-6140 till we get a confirmed move above or below these levels.

8 Oct: Nifty spot resistance at 6140-6165-6195-6215-6225. Support at 6115-6100-6070-6045-6020 - www.niftypower.com

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