7th OCTOBER NIFTY VIEW

On the back of big gains in US markets, Nifty Future opened strong and made a high of 6243 - just 5 points short of the previous high, and retreated by mid day to a low of 6185 and closed strong at 6214....In spite of very good global cues, Nifty Future did not make a new high and continue its upward march. Was this due to the effect of 'Divine Guidance' mentioned by me two days back about the 6248 high? I wish I had a definite answer to this.... In the second half of the trading session, Reliance made a smart up move with good volumes and is now poised to lead the market from the front.

For tomorrow, on up side one needs to watch 6248 and break above it should be taken advantage of with suitable stop loss. One needs to keep a watch on Reliance for judging the sustainability of the next phase of the up move. possibility gets nullified when Nifty future trades below 6175. The way market has remained in the narrow range for the past three days, Nifty future can hit 6120 .

All the best