Market outlook for the week 12-16 October

For the week starting from 12 October, Nifty fut is having a support at 4880 level, if this level is not breached on closing basis then we can see NIfty fut reverting back and taking u-turn from downside. However if Nifty fut breaches this support level of 4880 and sustained below this level then we can see downside move upto the levels of 4848-4770-4740. Any closing below the level of 4740, can create panic selling in markets which can make nifty fut slide down rapidly to more lower levels in coming days. Contrary to this downside movement,If Nifty fut sustains above 4900 level, then it has resistance at 4972-5005 level, if it manages to close above these resistance levels, then we can see bulls charging once again and showing strength to stretch Nifty fut upto the levels of 5048-5098-5145 level. Spurting above 5145 level will act as an energy booster for bulls.

We recommend all traders to keep a watch on 4880-5005 level on closing basis, for all their short/long positions, as these levels are the key levels for this week. And breakout on any side of this range will show the trend of market for coming days. All positions must be properly hedged,and leveraging positions at this stage is not recommended. As we are continuously saying from past many weeks, that till we are trading above 4900 level, bulls are having an upper hand on markets. Closing below 4900 will only be the bear favor. So,keep this in mind and trade with levels and not with sentiments. But all upsides must be used to book long positions,and investors must not buy at higher levels.

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Nifty Levels

Resistance - 4972-5005-5048-5098-5145

Support -4880-4848-4802-4770-4740

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Stocks for the week

• Zylog
• Selan Expo
• Modipon Ltd.
• Britannia ind.
• Bajaj Hindustan
• Pioneer Distilleries
• South Indian bank
• Jindal Steel&power

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Intraday calls for 12 October

• SCI abv 140 tgt-142.2-144-147+
• KPIT abv 75 tgt-76-77.4-78
• Jyoti Structures abv 152 tgt-153.5-155-157
• Oracle financial abv 2100 tgt-2124-2150-2188+
• Also watch Crisil, KLG Capital,NMDC, Alkali metal.

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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