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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