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.

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2nd NOVEMBER NIFTY VIEW.

In yesterday's trading, Nifty Future saw gap open, followed by a sustained rise to make a high of 6172 and the day's low was 6091. The gains were led by Reliance and bank stocks - particularly ICICI BANK.

We have an important event (RBI meet) lined up for today, that could have impact on Bank stocks. Yesterday Bank Nifty has almost come to the previous level and is close to doing a double top. Expecting bank stocks to continue its sustained rise (post RBI announcements) from the current levels would be a little preposterous, hence the probaility of negative reaction to the policy announcements remains higher. Long positions in Bank Nifty should be trailed with stop loss of 12600.

As regards Nifty Future, considering sharp rise yesterday, it would be better to avoid fresh long positions today. On higher side 6185 would be a hurdle and hence the same too can be used as a stop loss.

One can consider going short when Nifty trades below 6130 level with 6160 as a stop loss. On the down side 6100 and 6065 will provide support.

All the best.

1ST NOVEMBER NIFTY VIEW.

In Friday's trading, Nifty Future maintained a negative bias and made a new low of 5966 and in last hour made a sharp recovery to the day's high of 6066 and closed at 6044. The reason for the recovery could be strong support indicated at 5950 and also that day being a weekly/monthly close.

Today Long positions should be taken only above 6075 with stop loss of 6045. On higher side, it will face resistance at 6100 and strong resistance at 6145. While above 6145 it may show strength, and hence it is better not to remain short. However, I would like to caution the readers, that even after reaching 6225 it may fall short of going to the previous top of 6336. Only a close above 6225 we can expect to see Nifty Future making a new top.

As Nifty Future has shown a sharp pull back from the area of support near 5950, it would be better to avoid short trades at lower levels - at least for today

Next week is made of Diwali festivities and President Obama's visit - both events being times to celebrate and feel good, and hence market too may end up directionless.

All the best.