8 Oct: Nifty View

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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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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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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