MARKET OUTLOOK 11th Oct

The Nifty opened on a positive note and maintained its strength throughout the day. The Nifty registered a high of 4991 and closed very near to that level at 4979, a total gain of 91 (1.87 %) points.

As discussed in our previous update, the index continued its upward movement and has managed to achieve its first target level of 4980 levels. Going forward the index is likely to test its next immediate resistance levels of 5025 and only a sustained move above this levels could see index heading higher towards the levels of 5060 / 5110 /5170 in the near term.

On the downside the index has immediate support at the 4920 levels followed by the 4890 /4860
levels.

MARKET OUTLOOK 10th Oct

The NIFTY opened the session on a strong positive note and traded in the range of 4922—4960
levels. The index witnessed a sideways movement in the intraday session after a strong opening.
The index eventually closed the day at 4888 levels with a gain of 136 points.

The Index has taken strong support & seems to be making a double bottom at 4720 levels .On
the weekly chart it has shown a reversal bar at this level, suggesting that the bottom is in place.
Going forward the nifty now needs to sustain above 4920 levels, which would give some strength
and a possible test of levels of 4980 / 5025 /5060 levels in the near term.

Any pullback from the current level is likely to garner support at the levels of 4825 /4800 levels
which should be considered as an opportunity to create fresh longs.

MARKET OUTLOOK 7th Oct

The NIFTY opened on a positive note and registered an intraday high of 4827 levels. The Index witnessed selling pressure from the higher level which led it to decline to an intraday low of 4741.

The Nifty finally closed at 4751 with a loss of 20 points. Despite the selling pressure the index has managed to close above its crucial support level of 4720 levels.

Going forward only a sustained move below the 4720 would start a fresh round of decline which would accentuate the index towards the level of 4675 /4600 levels.

In case the Nifty hold the 4720 level then it could be confined in a range of 4720 on the downside and 4920 on the upside. The intraday resistances are placed at 4825 /4880 /4920.