Nifty has given a fine reversal from support zone of 5935-5940 spot (mentioned to subscribers) and continued its uptrend today. 5935 Spot becomes an important level to keep in mind now below 5980.
On Monday, 1 Nov, Nifty opened with a big gap above its resistance zone of 6070-6075 and never tested it during the day. Hence, this becomes another important level to watch out for the Bulls in the days to come. Below this, Nifty may try to fill the gap right down till 6017-6025 levels. Hence, 6070-6060 spot can be the stoploss for those holding positional longs in Nifty Future as of now.
On the upside, stiff resistance exists at 6130 and 6150/6155 levels. Once above 6150, it can go and test the next strong resistance at 6225. This week has some important news reports on the domestic front (RBI policy) as well as rom the International Markets. Hence, we may see some gap ups and gap downs during the week. Hence, trade light on overnight positions.
For the day, watch the level of 6130 and 6150 spot on the upside. Above 6150, some panic short covering can quickly take Nifty to 6180-6220 levels. On the downside, supports exist at 6105-6095 levels, below which, it may test 6070-6055 again. Overall, trade the range of 6070-6150 now until we get a breakout/ breakdown on either side.
2 Nov: Nifty spot resistance at 6130-6155-6180-6225. Support at 6105-6095-6070-6055-6015 - www.niftypower.com
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