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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