Intraday market outlook for 16 October

On 16 October, Nifty fut will face resistance at 5145 level, if it manages to cross and sustain above this level then we can see higher levels of 5175-5188-5225+. Cautious approach must be there as soon as Nifty fut starts trading in above 5185 level, as in this rally we can see 5200+ levels but on higher side profit booking can come and that can make the bulls calm down for a while. However if Nifty fut faces selling pressure on higher levels, then on lower side it has support at 5060 level, and any fresh selling can come into markets only when Nifty breaches and sustains below this level. However breaching and sustaining below this support will make Nifty slide down to the levels of 5032-5005-4980 levels.

Nifty Levels

Resistance- 5145-5175-5188-5225

Support - 5080-5060-5032-5005

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Delivery call

• Buy Acrysil ltd tgt-130-165-190.Keep booking profit at every rise. Very short term traders/Impatient traders book 5-10% profits. Avoid spike buying and use spread buying.

Intraday Calls

• DLF abv 435 tgt-438-442.3-448
• RCOM abv 230 tgt-234-238-240+
• Apollo tyre abv 52 tgt-53.5-55-57.2
• Bajaj Hindustan abv210 tgt-213-215-220+
• Monsanto india abv 1670 tgt-1690-1720-1745+
• Also watch Ultratech cement, CESC, Phoenix Mills, Ciba India.

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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