For the week starting from 11 October, Nifty fut will face resistance at 6172 level, once this level is crossed and sustained then we can see higher levels of 6232-6277-6339, on upper side 6232 will act as major resistance level and any close above this level will invite bulls for a fresh rally. On the contrary to upside, Nifty fut has support at 6110 on lower side, breaching this support level Nifty will show the lower levels of 6072-6040-5965. On deeper side 6040-6072 range will be a major support level for the markets , and any close below 6040 level will make Nifty to slide down to the levels of 5965-5880. If nifty fut is able to hold above 6072 levels on closing basis, then once again bulls will try their luck and will try to gain some strength over bears in coming days but on upside 6232-6255 will be a resistance zone for the bulls. Nifty range for this week will be 6040-6255, decisive breakout on either side will lead to sharp movement.
Concluding the whole market view, we can say that major triggers for the Nifty fut for this week are 6040-6072 on lower side and 6232-6255 on upper side, breaking on either side will lead Nifty to move further on that side. Any major movement in markets will come only after, breaking the range of 6040-6232 on consecutive closing basis. One must not jump and do the trades in excitement in current markets, as aggressive trading in current market can lead to unexpected profit/loss. Watch out the markets cautiously and trade with strict discipline and stop loss. Don't try to speculate or time the markets. Simply trade on levels and mint money from both up-down movements of markets.
Nifty Levels
- Resistance - 6172-6232-6277-6339
- Support - 6110-6072-6040-5965
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Stocks for the week
- Kiri Dyes
- Nirma Ltd
- ABG Shipyard
- Madhav Marbles
- Jindal Southwest Holding
- Edserv Softsystems
- Helios & Matheson
- Hindustan Copper
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