NIFTY PREDICTION FOR TUESDAY 4 OCT 2016

"BUY ICICIBANK FUTURE ABOVE 257.20 TGT 259.80/262.50 SL 253.50 "

"BUY HDIL 95 CALL @ 1.20 TGT 1.65/2.70 SL .40 "

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The market ended with smart gains ahead of the RBI policy review tomorrow. Indices extended their winning streak for the second consecutive trading session today amid positive global cues and firm rupee. The newly-constituted monetary policy committee started its first meeting on Monday to fix the benchmark interest rate; the Reserve Bank of India may opt for status quo and wait for further easing of inflation. The 6-member panel headed by RBI governor Urjit Patel began its two-day deliberations to consider various factors like inflation, credit offtake and the need to propel growth, foreign trade and global economic factors. Moving away from the usual practice of announcement at 11am, the fourth bi-monthly monetary policy review would be made public at 2:30pm on Tuesday after the MPC meeting. The Sensex ended with a gain of 377 points at 28243. It opened at 27997, touched an intra-day high of 28273 and low of 27920. The Nifty closed with a gain of 127 points at 8738. It opened at 8666, hit an intra-day high of 8745 and low of 8635.

Bias is positive but tomorrow is the RBI policy review; traders should maintain cautious approach especially in index trades. For tomorrow nifty now tests key resistance at 8810. A strong rally beyond this level and the next key resistance at 8845 will strengthen the bullish momentum. In that case, the contract can rally to the 8875 and 8890 band. But the inability to move beyond 8750 will keep the index under selling pressure. A decisive fall below 8630 can pull the contract down to 8600 and then to 8550 levels. The next key supports are at 8530 and 8500 levels.

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Supports: 8630 and 8600

Resistances: 8750 and 8800