4 Oct: Nifty View

We have had an explosive expiry on Nifty and an equally explosive follow up. This market has given a clear message to Bears to stay out at the moment. However, I would still not recommend any fresh positional longs. The only reason for this is the extreme sense of Positivity and complacency from the Bulls. In any market condition, the more people there are on a particular side (Bull or Bear), that camp will lose. Currently, I can see more people on the Bullish side. So, stay cautious, trade intraday (long or short), but don't create any fresh longs here. The opportunity to go long will come. Grab it with both hands at that time.




For the day, Support for Nifty comes at 6120. Strong support comes at Friday's breakout point of 6070. One can buy on dips till this level is breached convincingly. Intraday resistance comes at 6165 levels above which Nifty can target 6185-6190 levels. Overall, trend remains bullish. Trade the range of 6120-6165 till we get a breakout/ breakdown on either side for another 30-40 points.

4 Oct: Nifty spot resistance at 6165-6185-6195-6205. Support at 6140-6120-6100-6070 - www.niftypower.com

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