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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