Nifty October outlook-stop loss 7995 target 7810 and then 7650

Nifty October 2014 outlook

Nifty spot on last trading session closed at 7859 with heavy loss. We had seen profit booking by investors on global worries as well as local issues. October month generally is month of correction or profit booking which is already started showing it colors.

Technically nifty was had shifted support at 7995 which is broken down at end of Sep series and in Oct series nifty opened below it. On downside, 7810 and 7650 are strong support levels. 7810 is first support zone and below it, 7650 is final support. These levels also serve as target zones for October series. Any daily closing below 7650 means very bearish nature of market in that scenario target will be shifted to 7400 and 7300. On upside investors and medium term traders only can buy nifty future or call options if nifty sustain above 7995 for more than 2 sessions. 8150 and 8350 are strong resistance zones on upside.

From medium to long-term view, nifty complete this corrective wave then it target will be 7350-7450 which can be seen in next 3-4 months period.

On daily chart, nifty had given closing at its 3-month average, which is also very significant level for short-term traders. Next week will decided short term course of nifty spot.

In my personal view, 8080 was best short opening level for nifty with price target 7740. Any below 7740 expect lower tops and bottom cycle for nifty. Small traders book profit in portfolios and wait lower levels to buy and accumulate in good stocks. Nifty around 7350-7450 will be best re entry opportunity for investors those missed last rally. Future traders here can stay short with stop loss above 7995 spot while option traders can buy and accumulate in 7900 put options with same stop loss in place.

The Author

Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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