DAILY NIFTY OUTLOOK, 28TH OCT, 15

Nifty October futures (8244.25)(-19.35):
A small range day opened gap down and moved within a narrow band and nifty future closed in the negative, it closed above the opening rates which breathes hope for the bulls. Open interest studies shows that roll over as well as build up of positions is taking place in the November series.
The level of 8256 is an important resistance which must be taken out for upside momentum. 8280, 8300, 8324, 8375 are important hurdles leading to 8400. The immediate support is around 8230 but the strong support for now is in the 8200-8195 zone and till such time that this region holds on declines, the bulls will continue to hold fort. The critical support is around 8180 and a decisive breach of this region will see the bears returning to the centre stage again leading to panic selling if the 8127 support is also broken.

• Resistance: 8256, 8280, 8300, 8324, 8340, 8375, 8397-8400, 84015, 8447, 8500
• Support: 8230, 8200-8195, 8180, 8150, 8120, 8100, 8085, 8020, 7995, 7960, 7897-7900, 7880, 7820, 7765

Bank October Futures (17839.95) (+21.2):

A gap down open was followed by a steady upswing and Bank nifty future closed the day with modest gains. It took support in the 17744-17710 zone and till this region holds on declines, the long term uptrend will be considered to remain intact. A decisive breach of this support will, however, signal weakness and below it may then move down to test the lower supports of 17700, 17660, 17616, 17590, 17560. The level of 17560 is the critical support and if this is broken decisively, the long term uptrend will be in jeopardy which may lead to fresh panic offloading. On the higher side, 17900 is the immediate resistance but the major hurdle is around 18010 which must be taken out for fresh momentum.

• Resistance: 17860, 17900, 17998-18010, 18109, 18137, 18200, 18295-18300, 18400, 18510, 18560
• Support: 17800-17794, 17744, 17700, 17685, 17600, 17560, 17500-17495, 17440, 17356