Thursday 10 October 2013

Market Outlook for Oct 11

The markets on Thursday witnessed choppy movement albeit in a narrow band as weak hands looked to cash in the recent rally.

As per the weekly Fibonacci charts, the Sensex has now crossed the weekly R2 - resistance 2, and is most likely to test the R3 - at 20,400-odd levels.

However, given the Infosys results event, a higher amount of volatility in trades on Friday cannot be ruled out.

Hence, traders should watch out for key pivot points. On the upside, the Sensex can spurt to 20,400, above which the bias can remain bullish.

On the other hand, failure to sustain above 20,200, can trigger a correction towards 19,900-odd levels.

Today, the BSE Sensex may face resistance around 20,345-20,365-20,390, while seek support around 20,200-20,180-20,155.

The short-term bias for the NSE Nifty continues to remain positive. The bulls are likely to have the upper-hand as long as the NSE index sustains above 6,000-mark.

The next support for the index is around 5,975, below which we may witness some profit-taking. On the upside, the NSE index may spurt to 6,050-odd levels.

On Friday, the NSE Nifty may seek support around 6,000-5,985, while on the upside face resistance around 6,040-6,055.

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