4TH NOVEMBER NIFTY VIEW.

In today's trading, Nifty Future opened with a gap but remained largely sideways there after. The day's high and low were 6215 and 6176 respectively (39 points range). suggesting indecisiveness. On the other hand Bank Nifty Future made a new 52 week high and closed at higher levels - suggesting strength.

Nifty Future remains high but lacks strength. May be Coal India listing tomorrow may provide the necessary guidance to the market and help decide the direction.

As we are near the higher resistance levels, i would not recommend fresh long positions - though I must add that listing of Coal India at higher premium may definitely help the sentiment - particularly when we are in the celebration mood on account of Diwali.

Short positions may be taken below 6170 with stop loss of 6215. On the lower levels, it will find support at 6150 and 6100 levels.

Considering the narrow range it is best to spend more time on celebrating Diwali and take time off trading - at least till this weekend.

All the best.

3rd OCTOBER NIFTY VIEW.

In yestarday's trading Nifty Future traded in a narrow range with the day's high of 6174 and the day's low of 6128. On the 30 min chart I have shown a trend line which is acting as resistance for Nifty Future.

For today, one can consider going long with a stop loss of 6130. On higher side, it will find resistance at 6185 - 6210 and 6250.

Short position should be considered below 6130 with a stop loss of 6160. On the lower side, it will find support at 6100 and 6075.

All the best.