Market view for 29September-3October

In the current scenario,all the global markets are facing a tough time. Selling pressure is build up on every market,however every market is in almost oversold zone,so a short upside cant be ruled out in coming days. But one must be aware that these upsides must not be taken as an opportunity to build long positions,however this rise must be taken as an opportunity to exit long positions and book profits .
Indian markets faced a sharp selling pressure in the last week,and is trading in highly oversold zone,so a shortcovering can come in for a while. FIIs were bearish and were selling calls in huge quantities. Nifty has major support now at 3800 levels,below this level we can see fresh short building up and market drowning to more lower levels.
This week can be good for market and we can see nifty heading higher,but next week can be a start for a new low run in market. So,it is advisable that everyone prefer intraday trade instead of going for positional.
People who want to invest for atleast two years propective can invest 30% money at this level in market,keep the rest for buying at more lower levels.

Nifty levels-
Support- 3935-3900-3885-3860-3800
Resistance-4030-4075-4110-4160-4220

Nifty levels to watch- On lower side 3800 level and on upside 4160 level,breaking out on either side will lead to sharp movement in market. If nifty sustains abv 4160 level,we can see a relief rally coming in till 4250-4310 level. Profit booking is advised at higher levels. Dont leverage positions.

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