Intraday market outlook for 28 October

On 28 October, Nifty fut has support at 4800 level, if this level is breached and sustained we can see Nifty fut sliding down to 4770-4755-4732 levels. Any close below 4770 level, will make the bears strong and bulls can loose control. However a surprise pullback can be seen in markets before the market crashes below 4770. On upside resistance is at 4860, crossing and sustaining above this level will take Nifty to 4875-4898-4910 levels. Traders must use the uprise for profit bookings, and not for leveraging fresh positions.

We recommend traders to keep a watch on range 4770-4910. In current scenario bears are stronger than bulls, so book profits on rise and stay with cash in order to on safeside. If a surprise pullback comes in the market, then use that to exit and create short positions with a stoploss of resistance level 4955.

Nifty Levels

Resistance - 4860-4875-4898-4910

Support - 4800-4770-4755-4732

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Intraday Calls

• Tata Motors abv 550 tgt-554-560-567+
• India Glycols abv 138 tgt-141-145-152
• PTC abv 98 tgt-100-103-108+
• Short Jet Airways bel364 tgt-360-355-350
• Also watch Marg ltd, Thinksoft, Edocomp, Uniply.

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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