Intraday market outlook for 26October

On 26October, Nifty fut have resistance at 6155 level, once it manages to cross and sustain above this level we can see it inching up to the levels of 6180-6198-6228 levels. Bulls will try to hold the maket above 6110 levels, however on inching to higher side around 6180 levels, bears can come up and attack decisively to weaken bulls in intraday, so traders must stay cautious around this level. Once 6180 is crossed decisively, then it will be a power booster for bulls for a fresh jump. However If bears are able to drag down the market from higher levels, then on downside Nifty fut have support at 6110 level, if this level is breached and sustained then lower levels of 6092-6060-6040 levels. Leveraging positions at higher level is not recommended. As we have told in our weekly view also, upside in current markets is limited and doors for downside movement can be opened any time. So, traders must use their wisdom to trade in this market.

We recommend all traders to keep a sharp watch on range 6040-6180 as breakout of this range on either side will show some sharp moves in markets. In intraday, on upside 6180 will act as a barrier, so all shorters must keep this level in mind and can use this as a stoploss, on the contrary bulls must keep watch on 6040 level for their positions. Dont leverage positions without knowing the direction of markets, as that can make losses.

Nifty Levels

• Resistance - 6155-6180-6198-6228
• Support - 6110-6092-6060-6040

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Intraday Calls

• GNFC abv 130.5 tgt-132-135-143
• JM Financial abv 41 tgt-41.9-42.7-44.3+
• Sutlej textiles abv 350 tgt-365-388-410
• Sesa Goa abv 337 tgt-341-348-353+
• Also watch Span Diagnostics, Banswara Syntex, Shoppers Stop, Brescon Corp.
  

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For all trades, keep trailing your stop loss once the stock is above the buying price. Don't take delivery of any intraday call. Avoid spike buying.

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