Market outlook for the week 5-9 October

For the week starting from 5 October, Nifty fut will face major resistance at 5090 level, in order to continue upsurge , it has to close above this level. Closing above 5090 level can make Nifty fut march higher upto the levels of 5120-5145-5210. However in its northward journey, if Nifty fut is able to close above 5200 level,then we can see Nifty fut making new highs of of 5250-5290-5315 levels. But for all this to happen, Nifty fut has to give consecutive closes above 5090-5120 levels. Unable to do so, we may see profit booking coming in markets which can make Nifty fut slide down, on lower side support exists at 5010 level, if it breaches this level then we can see downside till levels of 4980-4945-4900. Any close below 4900 will create weakness in markets, and we can see fresh round of selling pressure coming into the markets which can make it come down to 4840-4770 levels.

In our market view for last week, we have adviced everyone to keep booking long positions in range 5048-5145, and in last week Nifty made high 5089.9, those who have followed us and booked their long positions can remain in cash and buy again partially on every dip till the level of 4900 is not breached. As if Nifty if sustains above 4900 level, then we can see it again surging up and making new high. Selling pressure will build up only below 4900, and if it closes below this then next major support is at 4770.

Nifty Levels for the week

Resistance- 5090-5120-5145-5190-5210-5250

Support - 5010-4980-4945-4900-4840-4770

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Stocks for the week

• IDFC
• Bharti
• India Nippon
• TTK Prestige
• Ansal Infra
• Alkali Metal
• Surya Pharma
• Simplex casting*

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Intraday Calls for 5 October

• Reliance comm abv 320 tgt-323-325.5-329
• Gammon ind abv197 tgt-200-202-209+
• Bharti abv 437 tgt-442-445.8-453+
• 3i info abv 99 tgt-101-105-112.5+
• Also watch KLG Systel, Sterlite ind. , Indiabulls Security, JSL 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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