3 November 2014

NIFTY OUTLOOK FOR WEDNESDAY 05-NOVEMBER-2014

Friday’s Axis Bank Call Achieved 1st target..!!!! Hindalco Call not executed
Buy IFCI 40 Call @ 1 Tgt 1.70/2.20 
Sell Tatamotors Future Below 533 Tgt 528/521 Sl 539
Nifty was on fire today. Today nifty crossed the resistance level of 8330 and made a new high of 8350, but in last half an hour of trading session nifty slipped down and came to 8324.Today nifty started at 8348 and made a low of 8297, total 53 points was moved by nifty throughout the day. This Monday’s high of 8335 would be the most crucial level for this truncated week in which there would be two trading holidays tomorrow and Thursday. In such a truncated week, bulls might not be carrying the large long positions they have created during last week and might well resort to profit taking. In such a situation, the range
between 8335 and 8375, for Wednesday, might act like a supply zone. Thus, crossing this zone would be quite important for the bulls and if they do not show much enthusiasm then expect profit taking to begin anytime during the trading session. However, even though there is this possibility of profit taking but the index could well see an opening above 8334 level and the index could go even higher initially. The 8320-8375 levels would act as supporting levels for nifty on Wednesday.
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RESISTANCE: 8335, 8385, 8435
SUPPORT:  8285, 8235, 8185

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