Intraday market outlook for 27 October

For 27 October, Nifty fut has resistance at 4990 level, if it is able to cross and sustain above this level then we can expect higher levels of 5015-5028-5048. However looking at the market sentiments it seems that at every rise there will be a profit booking. And so long positions must not be built up at higher levels. For a sustainable upside Nifty fut must close above 5055 levels. In today's trade we might witness a negative opening on markets. Moving on downside Nifty fut has support at 4930, breaching and sustaining below this level will indicate a weakness in markets and markets can tank down to 4908-4885-4860 levels. Overall scenario for markets will be buy on dips and sell on rise till nifty fut is trading in range 4908-5055.

We recommend all traders to keep a watch on 4930 level on downside, if this level is not breached and sustained, then we can expect a bounce back in markets till given resistances in later hours. So, one must not go short at lower levels unless 4930 is breached, rather buy on dips and sell on rise in intraday trade. All trades must be followed by profit booking time to time and must be done with strict stoplosses, as the markets will be highly volatile throughout the session and we can witness ambiguous moves in markets.

Nifty Levels

Resistance - 4990-5015-5028-5048

Support - 4930-4908-4885-4860

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Intraday Calls

• Ruchi Soya abv 89 tgt-90-91.2-93+
• GIC Housing abv 92.5 tgt-93.6-94.9-98+
• Sterlite Ind abv 824 tgt-828-833-842
• Cipla around 297 tgt-301-304-306
• Also watch Kelvinator, Natco Pharma, Uniply,REI Agro.

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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