Niftyfuture
Nifty need to sustain above 15740 for comfort of bulls.RSI closed below an important support line that was supporting it since May IInd Week,
though the index managed to find support today.
Many a times RSI provides a early warning.
RSI below 62 will be a confirmation of weakness and by then index will also come below the support line. 15601 remains an important support.
Bias Neutral to weak.
BankNifty - GraveStone doji after HangingMan, is it a pause ? It is a GraveStone daji after the HangingMan Candle, Overbought markets and back to back doji candles call for caution for sure.
32440, 32330, 32150 are important supports. 32720, 32880 and 33100 are resistance levels.
It is again, higher high, low, but lower close, today.
NIFTY TRADE SETUP FOR MONDAYNIFTY extended their journey over sixth consecutive week and scaled to a fresh all-time high of 13579.
Going ahead, I believe 13600 would be the key level to watch, as only a decisive close above 13600 would lead to extension of ongoing rally towards 13900
mark as it is the 161.8% extension of the consolidation range (13200-12800), projected from breakout area of 13200, placed at 13847.
Failure to sustain above 13600 would lead to consolidation in the 13600-13200 range amid stock specific action
Nifty managed to taks support from 20EMA & closed above 10 EMA.Nifty saw quite a few sectors participating today, it closed with reasonable strength too.
11750 can be used as stop for longs for tomorrow (28th Oct.)
Trade long using bull spread utilising 11800 and 12000 Calls.
This post does not encourage speculative trading in financial markets, cosult your financial consultant before taking any investment decision, understand the position thoroughly.
Use this as an example for utilising bull spread with a stop loss, for low risk trading strategies.
Goodluck.