MARKET OUTLOOK 18th Oct

The NIFTY opened on a positive note and registered an intraday high of 5160 levels. The Index
witnessed profit booking from the higher level which led it to decline to an intraday low of 5084.
The nifty finally closed at 5118 with a loss of 14 points.

The  index  today  witnessed  profit  booking  near  its  previous  swing  top  at  5170  levels.  Going
forward  we  expect  that  a  close  above  this  swing  top  the  index  is  likely to  test  the level  of  5230
levels (Negative Gap resistance levels). Sustenance above the 5230 would see the index filling up
its negative gap and it could head towards the levels of 5270 / 5300 -5320 levels in a short span
of time.
 On the downside the index has immediate support at the levels of 5060 / 5020 levels.