On 5November, Nifty fut will face resistance around 4775 level, this level will act as a crucial level on upside. In order to make the current rally sustain for some time, Nifty fut must hold above this resistance level. If it manages to cross and sustain above 4775 level, then we can higher levels of 4796-4828-4850. Contrary to this, if Nifty fut is unable to cross and sustain above this level, then we will see it reverting back to lower levels again. On lower side it has support at 4700 levels, breaching this level can make Nifty fut to slide down to lower levels of 4662-4634-4590. In order to sustain the recent gains, Nifty fut must close above 4730 level today. Any close below 4660 level can once again make bears stronger.
We recommend all traders to stay cautious in range 4662-4775, and not to create fresh long positions on higher side. The current pullback in markets can take to higher levels 4850+ if 4775 is crosses and sustained, but the market sentiments will change for bulls only when Nifty fut gives two consecutive close above 4860 level, failing to do so markets may fizzleout to much lower levels. So, traders must keep the levels in mind and trade as per their own wisdom.
Nifty Levels
Resistance - 4735-4775-4796-4828-4860
Support - 4700-4662-4634-4590-4520
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Intraday Calls
- TCS abv 628 tgt-635-642-650
- Subhash Projects abv 135 tgt-140-146-153+
- JSW Holding abv 1480 tgt-1496-1512-1527
- Thinksoft abv 237 tgt-242-246-253
- Also watch Educomp, Poly Medicure,ICICI Bank, Bajaj auto.
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