Intraday market outlook for 29 October

On 29 October, Nifty fut has support at 4770 level, once this level is breached then we can see some sharp downside till 4755-4732-4705. We were continuosly saying from 5100+ levels, that Nifty is unable to cross 5188 level and so markets will become weak and as days will pass bears will become active and now the result is in front of all. If Nifty fut closes below 4770 level,then expect some more correction in coming days. However if 4750,level is not breached in intraday trade then we can some short covering in markets, and that can show a small upside from lower levels. On upside Nifty fut has resistance at 4840 level, managaing to cross this level,it can move upwards to 4875-4890 levels. Traders sitting on cash will be rewarded with getting some good stocks at very low prices.

We recommend all traders to keep watch on 4750 level on downside,and overall range for markets as 4750-4840. Breakout on both sides will show a sharp movement. Closing below 4770 level will make bears stronger and will show some fresh bear action in coming days, so keep cash in hand and put it in markets partially in markets in good stcoks at every decline.

Nifty Level

Resistance -4828- 4840-4875-4894

Support - 4770-4755-4732-4705

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Intraday Calls

• NMDC abv 314 tgt-316-319-323
• Castrol abv 545 tgt-548-552-555+
• Sell Tata Steel bel 480 tgt-476-470-464
• Short Reliance cap bel 765 tgt-760-752-740
• Also watch Jindal steel&power, BGR Energy,Excel info, Anu'sLab.

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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