21st OCTOBER NIFTY VIEW.

In today' trading, Nifty Future opened weak and remained renebound for better part of the day, but in the last one hour had a sharp down move - the day's high and low were 6077 and 5988 respectively. At the end of the day, Nifty Future closed at 6008. , Nifty Future has taken support at the median line . The positive for the day is that inspite of weak US markets, we did not see much downside (though market did remain nervous) and the premium on Nifty Future was restored.

For tomorrow, one can consider long position with 5985 as stop loss. On the higher side it will find resistance at 6080 - 6125 and 6155. fresh up move is possible only if 6210 level is crossed tomorrow. Till then we should treat any up move as a pull back. Hence please do not wait for a big killing but keep booking profits at any sign of weakness - particularly at the support and resistance levels indicated here. Please not we have only 6 trading days (including tomorrow) to FNO settlement day, hence that pressure will also be felt.

All the best.

BUY BUY IDBI

BUY IDBI OVER 164.4 SL 162.5 TGT 167-169

YESTERDAY CALLS ALERT .

NOW WATCH GSPL 122 TO 129

IBREAL 205 TO 213.

ICICIBANK HOLD

NIFTY CALLS HOLD.

20th OCTOBER NIFTY VIEW

Yesterday,In the morning trade, Nifty Future could not sustain yesterday's sharp momentum and languished with upward bias and managed to make a high of 6166 (as against mid-point level of 6163 for Oct 2010), but then suddenly took an u turn and by end of the day made a low of 6024 and closed at 6044. Though Nifty Future managed to make higher top and higher bottom for the day, the speed with which it gave up the day's gains makes the weakness evident. Notable point for the day's trading was that premium of about 40 points over the spot Nifty, vanished by the end of the day.

For today, it will be advisable to maintain downward bias and go short with stop loss of 6080. In case of weak opening, one can go short below 6000 with stop loss of 6035. On the down side, Nifty Future will find support @ 5970 and major support at 5950.

All the best.