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Market Outlook 31 October 2014               some interesting links >


Nifty (8169.20, +78.75, +0.97%)

At long last we got to see the Nifty getting past 8141 in style, and in such a hurry we never expected it would especially on a derivative settlement day. Once it stays above 8180, it could well be headed for levels beyond 8180 to scale up to levels between 8231 and 8246. In the event of any profit taking, we need to watch out for the erstwhile stiff resistance zone between 8127 through 8141, which would now act as a support. In any case, unless for any reason the Nifty closes below 8109-mark, it would turn weak else any eventual dip would be taken as a buying opportunity by the bulls.

  • Most critrcal levels: 8156 – 8141

  • Strong resistance Levels: 8180 – 8160, 8231 – 8246

  • Major support: 8063 - 8038

  • Major resistance: Strong support: 8127 – 8104


Bank Nifty (16760.25, +126.00, +0.76%)

The index failed to join the rally on the day before has once again started showing similar buoyancy that it showed for the last couple of weeks. Now, unless it falls below 16681 through 16444 support area, any eventual dip would be used to create fresh long positions by the bulls. Now, the levels between 16603 and 16512 would be a strong support zone. On the upside, the levels between 16825 and 17010 would be the target zone for the Bank Nifty.
  • Most critical level for the day: 16678

  • Strong resistance levels for the day: 16785 – 16800

  • Support levels: 16603 – 16572

  • Major support levels: 16603 – 16512

  • Major resistance levels: 17000 - 17010

 




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.
* Calls are 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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