It may be noted that the settlement of F&O series of October 2016 is due on October 27 2016 and on account of the settlement the Nifty is expected to trade within the broad range from 8500 to 8800 in the ensuing week Moreover the Markets will open for Muhurat trading on Sunday, October 30 and will remain closed on October 31.
The new support for Nifty is at 8669 and 8590 and the resistances are at 8698, 8745 and 8792.
The day traders may go long in Nifty futures if the spot Nifty trades above 8698 and book profit in futures if the spot Nifty is at 8720. They may short the futures if the spot nifty trades below 8669 and cover when spot nifty trades at 8630.
The short term traders may exit all their positions in October series and start forming long positions in Nifty in case of weakness with strict stop loss when spot Nifty trades at 8580.
The mid term investors may consider going long in LIC HFL at 594.55 and Zee at 509.25 in small quantity.
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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