Market outlook for the week 29September-1October

For the week starting from 29September, Nifty future will face resistance at 5048 level,this level will act as a major resistance on upside. Once Nifty fut manages to cross and sustain above this level, then we can see an upsurge till the levels 5090-5125-5180. Any close above the level of 5180, can start a fresh round of buying and a panic shortcovering,which will make Nifty fut cross 5200 levels and make a new high. However if Nifty fut is unable to cross the resistance level, then downside we have support at 4910 level, once this level is breached and sustained then we can see Nifty sliding down to lower levels of 4865-4820-4790. Moving on to lower levels 4770 will again be major support for Nifty fut.
Considering aggressive PUT writing at 4800 and 4900 level, long rollover in stock futures and long rollover in Nifty, it reflects higher possibility of upward momentum to continue. But we recommend all traders to stay cautious in range of 5048-5145, and for all long positions keep booking profits as every rise. Till market is trading above 4900Level, it is favoring the bulls and it will be a buy on dips-sell on rise strategy. Weakness in markets will come only when it will breach 4900level, and then only we can see sharp downside movement.

Nifty Levels for the week

Resistance-4998-5048-5090-5125-5180

Support -4910-4865-4820-4790-4770

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Stocks for the week

• KFA
• Ispat
• BPCL
• Divis Lab
• Ruchi soya
• KS Oil
• Orbit corp.
• RDB Ind
• Mundra Port

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Intraday calls

• Cipla abv 268 tgt-271-273.6-276
• Finolex cables abv 47.5 tgt-48-48.6-49.3+
• Bharti abv 415 tgt-420-424.8-432+
• FCH abv 278 tgt-281.5-285-290+
• Also watch Madhucon projects, Astra Micro, Tanla Solutions,India Nippon.

For all trades,keep trailing your stoploss once the stock is above the buying price. Dont take delivery of any intraday call. Avoid spike buying.

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