NIFTY OUTLOOK - Market Updates Today 01 Nov 2012

The Nifty traded in a 30 point range before giving a weak breakout on the upside. We could see a range bound Nifty in the coming days which may not give us clear moves. On the lower side, 5,580 - 5,550 are good support areas and on the higher side, 5,650 - 5,680 are resistances.

Nifty Future touched its crucial hurdle of 5,650 in the last hour of the trade and closed just below that level at 5,646.10 with a small white body candle pattern. Traders are recommended to trade with a negative bias till the time it is trading below its previous range. We expect support at 5,580 and 5,530 levels and on the upside it is likely to remain capped near 5,725. Overall, we expect a new trading band for coming trading session. However, it is too early to predict.

The Sensex has supports at 18,450 and 18,370 and resistances at 18,580 and 18,660. The Nifty spot has supports at 5,580 and 5,545 and resistances at 5,650 and 5,680.

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NIFTY OUTLOOK - Market Updates for Today 31 oct 2012

The Nifty opened and traded higher post the outcome of the RBI policy, it dropped a good 75 points in 45 minutes and then started to consolidate between 5,590 - 5,615. The Nifty has clearly broken down from the range it was in for many days however to initiate fresh shorts towards the end of the day would be risky as it has already fallen a lot and is close to support levels at 5,550 - 5,600. 

Nifty Future has broken down its ongoing consolidation and closed below its most crucial support level of 5,630. It closed at 5,628 with a big bearish candle pattern. This bearish reversal likely to take it towards 5,530 level so aggressive buying is not advisable at this juncture. However, we see 5,580 is a crucial level to act as a stationary support level on intraday basis. 

The Sensex has supports at 18,310 and 18,220 and resistances at 18,470 and 18,550. The Nifty spot has supports at 5,575 and 5,525 and resistances at 5,640 and 5,670.

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