LAST DAY SNAP SHOT:-
The markets gained significantly today and trading in very tight range in October series. The Sensex closed at 18610, up 00 points from its previous close, and the Nifty shut shop at 5660, up 12 points. The CNX Midcap index was down by 0.12% while the SMALL CAP index gained 0.32% in yesterday's trade.
CURRENT TECHNICAL SITUATION:-
The markets gained significantly today and trading in very tight range in October series. The Sensex closed at 18610, up 00 points from its previous close, and the Nifty shut shop at 5660, up 12 points. The CNX Midcap index was down by 0.12% while the SMALL CAP index gained 0.32% in yesterday's trade.
CURRENT TECHNICAL SITUATION:-
currently nifty trading in very tight range in October series. Better is that wait for breakout or breakdown. till than only intra day trading will be good. But I highly expect that down side is very limited further. If Nifty come near 5586 it will be good opportunity to buy there. I expect first nifty towards 5975 then 5000 level could be expected. but first market will go 5975 before any big correction. but correction till 5886 is also due in market before going 5975. But honestly saying trading will be very difficult until nifty is trading between 5630-5730.
One more thing I want to say that Nov month will be very profitable months. capital can be double or triple in Nov series in option.
So waiting for better entry will be good strategy in current situation.
Fii bought index future worth rs 197.20 and open interest decreased by 1.2% indicating that profit booking in the system.
Nifty 5800 call standing highest open interest and down side nifty 5500 put standing highest open interest indicating that 5500 and 5800 is lower and upper base in Oct series for nifty.
