3 October 2013

NIFTY OUTLOOK FOR TOMORROW

Buy Coal India future above 306 tg 309.50,312.60 sl 302
NIFTY OUTLOOK FOR TOMORROW
Nifty broke the narrow range bound session today and marched till 5909 and ended the day in green. Nifty made a high of 5913 and a low of 5813.
However, what we need to observe is the ability of the bulls to  the Nifty beyond the initial supply zone 5890 and 5910 once this range is taken out firmly, we can expect the index to move further up. Next resistance levels are at 5920 - 5950 . Good strength would be seen as the index gets past 5950....
The pattern on both the end-of-day price chart and the hourly chart suggests a reasonable recovery is quite likely from here unless, of course, the index fell  below the strong support level of 5700-again, which may not happen now. Bulls would display real upward gumption once they take the index beyond the 5885 through 5900 range since the levels close to 5900 had been acting as a distribution zone for most of the last month.
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RESISTANCE:5880, 5910,5950

SUPPORT:     5860, 5820,5790

2 comments:

  1. very nice !! thank you !!keep it up i m regular reader of your blog

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  2. I adore trading and have been spending last 2 years in market.! That being said I definitely could have used some of these tips. I did learn a bit about trade , and came up with a few tricks of my own.

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