Nifty in de­ci­sive range 10400-10500

Money Times - - Market Outlook -

Ro­han Nalavade

Last week, the Nifty moved in a tight range of 10350-10450 with volatil­ity. It got strong sup­port at 10400 and faced strong re­sis­tance at 10500. Only a close above 10500 will take the Nifty to 10700 in the Novem­ber se­ries. On a close be­low 10400, the Nifty could slip to 10200 in the Novem­ber se­ries con­tract.

An im­por­tant W.D. Gann date (7 Novem­ber 2017) lies in the next week and there­fore, the markets will wit­ness big moves next week, which will set the trend till the end of the se­ries. The US Fed­eral meet in­di­cated a rate hike in De­cem­ber. On the do­mes­tic front, Gu­jarat elec­tions will be held in De­cem­ber. So, the out­come of the elec­tions will have a huge im­pact on the markets for the short-term. If the BJP loses, a 1000-2000 point move­ment can be seen on the down­side but if it wins, a strong up­side move­ment is likely as the Gu­jarat elec­tions will set the stage for 2019 elec­tion. Among stocks,

Tata Mo­tors is a Buy at Rs.447 for up­side lev­els of Rs.453-456 (SL: Rs.440) Vedanta is a Sell be­low Rs.338 for down­side lev­els of Rs.333-328 (SL: Rs.345)

Nifty In­dex – At spot price - Buy above Rs.10470 for up­side lev­els of Rs.10500-10550; Sell be­low Rs.10440 for down­side lev­els of Rs.10400-10350-10300.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.