9 Oct: Nifty View

In our Yesterday's Nifty View, it was clearly mentioned that I don't advise anyone to go long at such high levels with Overbought readings. 6290 was the reference point given as a strong support, the break of which straight away led to our next support area of 6270 spot. We and subscribers of NiftyPower took the same trade for an easy gain of 20 points in a rangebound day. Thereafter, Nifty kept moving in the range of our S1 at 6300 and S2 at 6270 for the entire day.

Have a look at the price movements of today:



For tomorrow, immediate support for Nifty spot comes at 6265-6250 zone. A move below 6250 can trigger some stoplosses for 6230-6220. On the upside, resistance comes at 6300/6305 Spot. A move above would again lead Nifty to test recent high at 6335/6340 spot. After a sluggish day today, I expect Nifty to give an opportunity for both Long and Short Trades. let's ee what it has in store for us tomorrow.

9 Nov: Nifty spot resistance at 6305-6335-6345-6365. Support at 6265-6250-6230-6200 - www.niftypower.com

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