Intraday market outlook for 21 October

On 21 October, Nifty fut will face resistance at 5148 level, in order to maintain an uptrend it has to cross and sustain above this level. Once Niftyf ut manages to hold above this level, we can see some upside till the levels 5165-5188. However bulls are getting exhausted after a long run and are not able to retain the energy for more movement on upside. As we have told in our weekly view, Nifty fut must give closing above 5188, to start a fresh upmove, unless this happens, bears will try hard to drag the market down. On downside Nifty fut support is at 5090, if this level is breached then we can see some sharp downside till 5062-5044-5030 levels. Any close below 5030 will make the markets weak.

As we have already warned all of you, that use uprise for profit bookings, now keep a watch on 5030 level on downside. This level will be a crucial level for further movement of markets. Day traders must watch 5090 levell, as breaking of this support will welcome bears for further action. Nifty range for the day will be 5030-5148, breakout on either side will show a sharp movement.

Nifty levels

Resistance-5135-5148-5165-5188

Support -5090-5062-5044-5030

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Intraday Calls

• STC India abv 370 tgt-374-179-386+
• Short L&T bel1670 tgt-1656-1642-1630
• Jost's Engg abv 337 tgt-342-354-368+
• Globus Spirits abv 89 tgt-92-96-100+
• Also watch Alfa laval, Walchand peoplefirst, Gati Ltd, Flawless Diamond.

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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