28th OCTOBER NIFTY VIEW.

After a weak opening, Nifty Future managed to do a high of 6102 and in the second half of the day became very weak to make day's low of 6005 and closed marginally up at 6038 - However, this being a descending line, the breakout point is getting to be lower every day and tomorrow it will be at 6100. Reliance continues to remain strong and can spring a surprise - mainly due to FNO settlement scheduled for tomorrow.

While we are very close to the previous low of 5988 and Nifty Future does look very weak, I would advise caution in going short at lower levels as Reliance can provide strength to nifty future for a decent close on the settlement day.

At the time of writing this post, US markets are weak and hence we too may see weak opening. Please note that even if 5988 is broken, we have 5950 (0.382 level) which may provide good support. If Nifty Future takes support at this level, one can consider going long with stop loss of 5925.

In case of stable opening, one can consider going long above 6050 level with stop loss of 6005 level. On higher side, 6080 and 6100 will provide resistance. It is advisable not to remain short above 6135 level .

All the best.