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Not much to add, but today looks like it’s positive to flat in the morning at least, with a possible sell off into the close? That doesn’t mean that they will let them drop into the close of course, it only means that they don’t have any real reason to manipulate the market higher. We say "possible" because the manipulators have full control of the market right now.
On 29October, Nifty fut will face resistance at 6098 level, if market maintains to cross and sustain above this level then we can expect the bulls to once again gear up easily for a new ride, and taking Nifty fut to higher levels of 6124-6137-6170. Any rise in markets in intraday must be taken as an opportunity to sell only. However, in case Nifty fut is unable to cross the resistance levels, then on lower side we have support at 6040 level, if this level is breached and sustained then expect bears to attack decisively and try to take charge over bulls, and will make Nity fut slide down to lower levels of 6018-5990-5965. Any close below 6018 level will be energy booster for bears and bulls might loose grip over the market. Consecutive close below 6018 will make bears rule the market and will try to make the whole scenario turned into bearish for a while. The coming week will witness some action packed fight between bulls & bears to take the charge for complete month. From next week to 22November, get ready to witness the mega sharp movement in market. Just hang out on the blog and read the market outlook daily as usual, and we will let you know our thoughts when the market gives us some clues.
We recommend all traders to stay cautious in current market, as trading in this marke without any knowledge/ advice of market directions can be a lossing game all in all, so a good advice is the basic need for minting money from this market. Better to trade with levels and not with sentiments. Intraday Nifty fut levels will be provided, for more precised market movement, stay tuned with EAIB Securities.
- Resistance - 6098-6124-6137-6170
- Support - 6040-6018-5990-5965
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