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Market Outlook  09 October 2015 (based on Index futures)               some interesting links >

Nifty October futures (8157.25)(-37.4):

Nifty future surrendered the gains of the previous day and more. The open and high was same at 8199 and it failed to cross the critical resistance around 8200. This was the first signal of the impending slide. Though there was some recovery in the end of session, it closed the day in the negative.

The level of 8170 is the immediate hurdle but the critical resistance is the 8200 region since the long term 200 exponential moving average is posited here. This level needs to be taken out for confirmation that the long term trend has again turned up. A failure to do so will send weak signal and bring in supplies. 8115-8105 is the important support zone and a breach of this region will be a cause for concern for the bulls. The critical level now is around 7990-8000 and a decisive breach of this region will see the bears returning to the centres stage again.

  • Resistance: 8170, 8200, 8235, 8245, 8275, 8300, 8324, 8350

  • Support: 8115-8105, 8060, 8020, 7995, 7960, 7897-7900, 7880, 7820, 7765, 7714,

Bank Nifty October Futures (17550.6) (-138.45):

It was a weak day for this index as bears ruled the roost and it gave a break out from the inside day on the lower side. The open and high were the same, posted as opening tick at 17702.2. This was followed by a slow slide but post noon it turned range bound. The downswing gained momentum in the latter half of the session but some recovery was seen around the closing. It closed the day with in the negative.

It has closed the day around an important support at 17530 below which it may find support in the 17487, 17440, 17394 region. A decisive breach of 17440 could spell more trouble for the bulls below 17394 the bears are likely to take the centre stage once again. 17330 is the critical support for now and a decisive breach of this level could lead to fresh panic unwinding. On the higher side, 17595, 17636, 17700 are hurdles that need to be decisively crossed for any show of strength. 17745 is the critical resistance level since the 200 exponential moving average is posited in this region and the long term uptrend will be confirmed only if Bank nifty future closes decisively above this level.

  • Resistance: 17595, 17630, 17700, 17745, 17793-17800, 17855, 17887-17900, 17998-18000, 18137

  • Support: 17500, 17487, 17444, 17394, 17330, 17260, 17200, 17170, 17158, 17100, 17034-17000


Note (1): Either on the long side or on the short side if at any moment a counter is not moving beyond an initial or interim target to the final target book profits. Once initial target is crossed, you can use that as your trailing stop-loss level.

Rajat K. Bose
Notes (2): (please read).
* All prices relate to the NSE, unless otherwise mentioned.
* The Outlook is based on the previous trading day's price activity
* The call is valid for the next trading session only unless otherwise mentioned.

Stop-loss levels are given so that there is a level below/above, which the market will tell us that the call has gone wrong. Stop-loss is an essential risk control mechanism; it should always be there.


Book, at least, part profits when the prices reach their targets; if you continue to hold on to positions then use trailing stops to lock in your profits.


Don't chase a stock, if you are unable to buy a stock because it hits circuit levels on successive days, don't buy that.

* The analyst and his clients may or may not have positions in the securities mentioned above.
Trading involves considerable risk. Trade at your own risk to the extent you are comfortable. The analyst shall not be responsible for any losses incurred for acting on these recommendations.
Rajat K Bose

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