DAILY NIFTY OUTLOOK, 14TH OCT, 2015

Nifty October futures (8138.8)(-10.8):
Nifty future breached the critical support in the 8100 region intraday but quickly recovered from that level to close the day with minor losses. Though this breathes in fresh hope for the bulls but till such time that the 8170-8220 region is decisively crossed, the tables could turn again. 8152, 8170 and 8200, where the 200 exponential moving average is posited are strong supply zones which must be taken out for signalling strength. The level of 8118 is the immediate support but the critical support is 8100-8085 and a decisive breach of this region will see the bears returning to the centres stage again.

• Resistance: 8152, 8170, 8195-8200, 8247-8250, 8280, 8300, 8324, 8350, 8400-8405


• Support: 8118, 8100, 8085, 8020, 7995, 7960, 7897-7900, 7880, 7820, 7765, 7714

Bank Nifty October Futures (17601.65) (-21.2):

Though the index has closed the day with modest losses, it has rebounded from the important support around 17500. It is currently interspersed between two important levels, 17500 support and 17740 resistance where the 200 exponential moving average is posited. The long term uptrend will be confirmed only if Bank nifty future closes decisively above 17740 level. 17560-17545 region is an important support region and a failure to hold on to it on declines will signal weakness developing in the index and lead to lower levels once again. A decisive breach of 17470 could spell more trouble for the bulls and below 17400 the bears are likely to take the centre stage once again and could lead to fresh panic unwinding.

• Resistance: 17610, 17700, 17740, 17775, 17814, 17849, 17865, 17900, 17998-18000, 18137
• Support: 17600, 17540-17545, 17487, 17450, 17400, 17374, 17350, 17300, 17260, 17200