On 1st Oct Nifty bounced from the trend line support around 10800 and managed to cross 10930 resistance, also testing 11030-40 resistance level but eventually closed below it. Considering the overall sentiments (Crude above 85, USDINR around 73.5, Hangseng down 900 points) nifty is likely to open lower on 3rd Oct.
Nifty will find immediate support at :-
10930
10800-850 (strong support zone)
Above 11030-40 level it will try to test the upper trend line (which is the major trend line of this downtrend connecting the highs). Important resistance levels to watch will be:-
11090-11100
11170-80
11230-250
Overall Nifty is likely to remain range bound as 4th Oct is Bank Nifty Weekly expiry + 5th Oct is RBI Monetary Policy. Market will closely watch the policy and it will be a trigger for the next move.
Nifty will find immediate support at :-
10930
10800-850 (strong support zone)
Above 11030-40 level it will try to test the upper trend line (which is the major trend line of this downtrend connecting the highs). Important resistance levels to watch will be:-
11090-11100
11170-80
11230-250
Overall Nifty is likely to remain range bound as 4th Oct is Bank Nifty Weekly expiry + 5th Oct is RBI Monetary Policy. Market will closely watch the policy and it will be a trigger for the next move.
Comment:
11030-40 was a resitance level tested on 1st Oct. Nifty opened gap down as expected and took support in 10900-930 zone as said above. Bulls tried another pullback but were rejected from the gap of today and selling pressure began from there. Eventually 10900 level broke and now again we are at trendline support of 10820-850. If this breaks, which looks likely then 200 Days Exponential Moviong Avg placed around 10770 should be tested.
