Intraday market outlook for 6 October

On 6 October, Nifty fut will face resistance at 5048 level, in order to favor bulls, Nifty fut has to cross and sustain above this level. If it manages to sustain above 5048 level, then we can see Nifty fut headong towards 5072-5090-5115 levels. However, if it fails to cross the resistance level, then it can retreat, and on lower side Nifty fut has support at 4980 level, if this level id breached then it can slide down to the levels of 4962-4945-4920. On downside 4900level, is the major support level, and can also act as sentiment reversal level. So this level must be watched carefully.

We recommend all traders to follow the strategy of buy on dips and sell on rise, till the levels of 4900 is not breached. Any downside sentiments will work, when Nifty fut will give a close below 4900 level, till this level is intact, we will see markets to bounce back from lows. Stay cautious if Nifty fut breaks 4990-4980 level with volumes and sustains below this level, as for intraday this level is crucial and breaching this level and sustainning below this can create selling pressure in markets.

Nifty levels
Resistance- 5048-5072-5090-5115
Support - 4980-4963-4945-4920

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Intraday calls

• JSL abv 110 tgt-114-119-126
• ABAN abv 1625 tgt-1634-1641-1655
• Alkali metal abv 268 tgt-272-274.4-279+
• Zee entertainment abv 248 tgt-251-254.5-259+
• Also watch Areva T&D, Suashish Diamond, Educomp,Novopan 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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