Nifty Support & Resistance and target for tomorrow 5th October 2017:
Nifty will face resistance near 9,920 and 9,950 levels whereas supports are placed at 9,850 and 9,800 levels. Tomorrow’s upside target for nifty will be 9,950 levels and on the downside 9,850 levels are possible. We are expecting nifty to trade in a range.
Nifty trading call for 5th October 2017: Nifty is looking strong compared to bank nifty so pair trade in Nifty and Bank Nifty will be safe trade , so buy Nifty futures 9,920 and sell Bank nifty futures at 24,140 for a target of 6000 and stop loss of Rs.4000.Hold for 3- 4 days.
How was the nifty’s intraday movement today October 4th 2017?
Nifty opened the day on a positive note by showing a gap up of 24 points and then moved lower to hit the intraday lows of 9,850.65.
After reaching the lows by 9.30 AM nifty rebounded back to test 9,900 levels and crossed it comfortably and was trading around the resistance zone of 9,920-9,925 levels till the RBI credit policy announcement.
As expected RBI kept the rate unchanged and market reacted positively and moved higher to reach 9,938.35 levels and finally closed at 9,914.90 by gaining 55 points for the day.
Only 17 of 51 nifty stocks closed in the red. Sun Pharma is the top gainer by gaining 3.03% and Bharti Airtel is the top dragger by losing 1.95%.
Opening: 9,884.35; High: 9,938.30; Low: 9,850.65 Closing Price: 9,914.90(+55.40)
Nifty 26 OCT 2017 Expiry Futures closed at 9,930.45(+62.00)
Nifty Forecast/Outlook for 5th Oct 2017:
Today’s movement in the nifty shows a small bullish pattern which shows bullish sentiment in the market.
Notable action of the day, nifty was able to close above key moving average like 5-Day, 13-Day and 50-Day EMA but failed to close above 9,920 levels. FII’s have bought 801 crores in the futures. Until nifty crosses 9,921 there is high possibility nifty can break 9,685 levels.
We are expecting market to reach 9,400 levels in the near term and it’s a sell on rise market as we can see nifty is finding difficult to cross 9,920 for the past 4 days. But on the other hand nifty is forming higher highs and higher lows for the past 3 sessions which is positive for the markets.
What are the indicators which are positives and negatives for nifty?
Negatives: 9920-9950 will be acting as a strong support.
Positives: Markets above 5-Day, 13-Day, 50-Day and 100- Day moving averages in addition bullish signals in the charts.
Nifty trading range for 26th OCT 2017 Expiry: Nifty can move between 9400 – 9,900 levels.
Nifty Short term trend View: As long as nifty is staying above 9,700 on closing basis is positive for nifty. Currently 9,685 will be acting as an intraday support since it’s the 11-Aug-2017 swing lows from where nifty bounce back to 10,100 levels.
Nifty Strategies Performance:
|No of trades||Only 3|
|Total Points Gained||325 Points Gained|
|Total Profit||Rs 24,375|
Open Nifty 26 OCT 2017 Expiry Strategies:
- Recommended on 28-Sep-2017:Sell Nifty 26-OCT-2017 futures around 9,800 with a target of 9,550 and a closing stop around 9,950. Holding period: 15- 20 Days.
Previous Call on Nifty was on 21-Sep-2017: Sell Nifty 26-OCT-2017 futures around 10,100 with a target of 9,800 and a stop around 10,250.Target achieved in 5 days with a profit of 300 Points (i.e. Rs 22,500.00).
Visit our website on 5th OCT 2017 9.30 PM to get the nifty view for 6th Oct 2017.
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