Market outlook for the week 26-30 October

We hope you all must have enjoyed our last market outlook and stock calls of last week, which were highly accurate nad money minting for all members. Nifty fut was unable to cross the major resistance of 5188 and then what happened, all of you must have watched. We hope you all must have enjoyed our last market outlook and stock calls of last week, which were highly accurate nad money minting for all members. Nifty fut was unable to cross the major resistance of 5188 and then what happened, all of you must have watched.

For the week starting from 26 October, Nifty fut will face major resistance at 5062, If nifty fut manages to sustain and close above this level then we can see bulls charging up once again and taking up the markets to higher levels of 5098-5110-5148. For markets to attempt for a new high, Nifty fut must close above the level of 5148 consecutively. But looking at the current scenario, traders must not leverage positions at higher levels, as the higher levels will face stiff selling pressure and that can drag down the market. On lower side the first signs for bear action will the breaching of 4955 support level, if this level is breached and sustained then bears will come in action and will try to take charge over bulls by dragging down the markets to 4910-4865-4830 levels. However, traders must keep booking profits on all their short/long trades time to time, without getting greedy, as the markets will be highly volatile due to F&O expiry this week.

We recommend traders to keep booking profits at every rise, as markets are facing selling pressure each time it attempts to make a new high, and is unable to close above 5150 levels for 2-3 days. So, long positions must be exited at every rise, to conserve the profits. On monday if markets open gap down,but able to sustain above 4955, then a bounce back can come in later hours. Nifty fut range 4955-5148, must be watched very carefully before executing any fresh trade. Traders must be stock specific this week, rather than going for the market move because market movement can be dicy & ambiguous this week. Small caps and few mid caps can perform well in coming days. Sentmental trading must be avoided,and traders must follow the levels to trade in the markets.

Nifty weekly level

Resistance - 5062-5098-5110-5148-5188

Support - 4955-4910-4865-4830-4802

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Stocks for the week

• Ruchi Soya
• ITC
• Riga Sugar
• Cairn
• Austin engg
• Urja Global
• SCI
• Donear Ind.

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Intraday Calls

• Kirloskar oil abv 141 tgt-145-149.5-158+
• ITC abv 261 tgt-264-268-273+
• Dredging Corporation abv 498 tgt-503-507-513+
• ICI abv 580 tgt-584-588-595+
• Also watch JSL ltd,Federal Mogul,Container Corp,Modipon ltd ,

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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