Home / Market / NIFTY / Nifty Target for Tomorrow 6th Oct 2017

Nifty Target for Tomorrow 6th Oct 2017

Nifty Support & Resistance and target for tomorrow 6th 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 9,920 levels and on the downside 9,850 levels are possible.

Nifty trading calls for 6th October 2017:

Recommended on Oct 5th 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 on the positions for 2 more days as currently gaining by Rs. 462.

How was the nifty’s intraday movement today October 5th 2017?

Nifty opened the day on a positive note by showing a gap up of 13 points and then moved higher towards 9,950 but up move got reversed after nifty reaching the intraday high of 9,945 levels.

After reaching the highs nifty move lower and lower to lose 65 points from the highs to reach 9,881.85 levels before closing the day at 9,888 by losing 26 points for the day.

Only 27 of 50 nifty stocks closed in the red. Aurobindo Pharma is the top gainer by gaining 2.47% and Tech Mahindra is the top dragger by losing 3.03%.

Opening: 9,927.00; High: 9,945.95; Low: 9,881.85 Closing Price: 9,888.70(-26.20)

Nifty 26 OCT 2017 Expiry Futures closed at 9,908.70(-21.75)

Nifty Forecast/Outlook for 6th Oct 2017:

Today’s movement in the nifty shows a small bearish pattern as nifty closed near the low point of the day.

Notable action of the day, nifty was able to close below key moving average like 5-Day, 13-Day and 50-Day EMA and failed to cross 9,950 levels. Until nifty crosses strongly above 9,921 on closing basis 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 9,950 for the past 5 days. But on the other hand nifty is forming higher highs and higher lows for the past 4 sessions which is positive for the markets.

Over all nifty is looking strong compared to bank nifty so traders can short bank nifty and buy nifty as a pair trade.

What are the indicators which are positives and negatives for nifty?

Negatives: 9920-9950 will be acting as a strong supply zone and also index closed below 13-Day, 20-Day and 50- Day moving averages. More over bearish signals in the charts.

Positives: Markets above 5-Day and 100- Day moving averages and also in long term up trend.

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.

Heritage foods have announced stock split. Click here to know more!!!

Nifty Strategies Performance:

Month Jun 2017
No of trades Only 3
Total Points Gained  325 Points Gained
Total Profit Rs 24,375

Click here to view the Gold rates today

Open Nifty 26 OCT 2017 Expiry Strategies:

  1. 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).

Click here to view the bank nifty target for tomorrow

Visit our website on 6th OCT 2017 9.30 PM to get the nifty view for 9th Oct 2017.

Disclaimer – No Author at myfinanicalZone.com is registered with SEBI or any regulating authority as a Research Analyst or an Investment Adviser. Please Consult Your Investment Adviser before making any Investment/Trading decisions based on content posted in this Website. Here we write only what we do and all information posted in this website is for Educational purpose only</

Check Also

Nifty Tips 7th Dec 2017

Nifty Target for Tomorrow 5th Dec 2017

Nifty Support & Resistance and target for tomorrow 5th Dec 2017: Nifty will be facing …

2 comments

  1. Sir
    As per your prediction if I buy a put of nifty 9750 (26 oct) , can I book profit till expiry.

    • As FII’s have rolled over their short positions there is high chance nifty to reach 9,700 level. You can buy the put around Rs.40. Please trade by keeping stoploss for the money you can lose. Thumb rule in trading. Don’t lose the capital.

Leave a Reply

Your email address will not be published. Required fields are marked *