5 Oct: Nifty View

In Yesterday's Nifty View, it was given that "Trade the range of 6120-6165 till we get a breakout/ breakdown on either side for another 30-40 points." Nifty opened just above 6165 and straight away gave more than 55 points upmove in the very first hour. However, with such a fast upmove, we missed the buying opportunity in Nifty. Then we did the next logical thing. We waited for Nifty to enter its resistance zone at 6215-6220 (see circled portion in chart) and went short for a Gain of more than 50 points!



For 5 Oct, watch the level of 6140 Nifty spot carefully. A few minutes trade below this level would attract fresh shorts in the Nifty for lower levels of 6120/15-6105 and 6075. Upside resistance now comes at 6180 levels above which Nifty will again gather momentum for higher levels above 6200. Hence, 6140 and 6180 would decide the next 30-40 point move on the Nifty. The trend remain up as long as Nifty stays above 6070 which can be a stoploss for those holding positional longs.

5 Oct: Nifty spot resistance at 6160-6180-6195-6220-6235. Support at 6140-6115-6105-6075 - www.niftypower.com

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