The immediate resistance at 5853 will decide the trend for the day. Below 5853, it will continue to consolidate with a few dips and above 5853 it must show some bullish spikes.
In case of an uptick, the index will meet resistances at 5887, 5914 and 5944 whereas on the other side of 5853, the supports are at 5834, 5820, 5781 and 5759.
Our outlook for today is that there are chances of a breakout from the last week range of 5932- 5815, and breakout up north is more likely albeit after a bit of softening in the initial hours of trade.
Our outlook for today is that there are chances of a breakout from the last week range of 5932- 5815, and breakout up north is more likely albeit after a bit of softening in the initial hours of trade.
Intra-day traders may trade accordingly depending on which side of the 5853 point the nifty trades after first hour.
Short-term traders may exit all their positions in the current series and start building contrary positions in the Option segment of the October series i.e buy Nifty puts if Nifty trades above the ultimate resistance and buy calls if Nifty trades around 5759.
Mid-term investors may consider pruning their portfolio by retaining the stocks that are yielding profits and exit those that are running at loss. For offer price of such stock, please feel free to write to us, we do not charge fees.
Disclaimer: The writers of this column do not personally hold any stock or position in the F&O market and do not intend to benefit in any way by publishing this column. The final discretion is that of the reader and we disown any responsibility for any loss incurred by the reader.
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