Intraday market outlook for 23 October

On 23 October, Nifty fut will face resistance at 5030 level, once this level is crossed , then expect a bounce back till level 5045-5062-5084. However market will again face selliing pressure at higher levels as now investors are afraid of the bear attack any time. Moving on upside markets will be volatile and will face heavy resistances. If Nifty fut is unable to sustain above 5080 level for some time, we will see it reversing from that level to lower levels again. On downside it has support at 4980 level, breaaching this level will once again make marets to slide down further to more lower levels of 4964-4930-4910. Traders must watch the level of 4980 on closing basis, if market closes below this level than that will surely favor the bears only.

We recommend all traders to stay cautious in range 5062-5084, as this range is very crucial for intraday, and if markets wont cross and sustain above this range then downside will come in markets again. So, every rise till this range must be used to exit long positions for intraday and not for creating fresh long positions.

Nifty Levels

Resistance- 5030-5045-5062-5084

Support - 4980-4964-4930-4910

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Intraday calls

• Bang Overseas abv 59 tgt-60-61-62.2
• HCL Tech abv 327 tgt-330-334-339+
• Suzlon abv 85 tgt-86-87.4-88+
• Cambridge Solution abv 98 tgt-102-106.8-112+
• Also watch KSK Energy,Jayshree Tea,Compact disc, KSL&Ind.

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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