DAILY NIFTY OUTLOOK, 29TH OCT, 2015

Market Outlook  29 October 2015 (based on Index futures)
Nifty October futures (8173.6)(-70.65): A gap down open was followed by a sell off as Nifty future tumbled to a low of 8140.75 before recovering some lost grounds but closed the day with losses. The level of 8130 is an important support and a decisive breach of this level will signal more weakness building up and may lead to fresh supply. It may then breach 8100 region also and retest the lower levels once again. On the higher side, 8185, 8202, 8230 are hurdles that need to be taken out for signalling resumption of the up trend. Resistance: 8185, 8202, 8230, 8255, 8280, 8300, 8324, 8340, 8375, 8397-8400, 8405 Support: 8160, 8140, 8130, 8105, 8085, 8020, 7995, 7960, 7897-7900, 7880, 7820, 7765 Nifty November futures (8212.3)(-67.65):  Resistance: 8220, 8245, 8267, 8294-8300 Support: 8202, 8168, 8145, , 8105, 8090, 8020 --------------------------------------- Bank Nifty October Futures (17415) (-424.95): Bank nifty future crashed to a low of 17310 once the 17560 level was decisively broken. A smart recovery was seen from the low as it partly recovered some lost grounds but closed the day in the negative. A decisive breach of 17310 may lead to fresh panic offloading and it is then likely to move down to 17120 with some support at 17180. Resistance: 17440, 17500, 17560, 17620, 17692-17700, 17742, 17772, 17800, 17855, 17900, 17998-18010 Support: 17356, 17310, 17200, 17180, 17120, 17080, 17000-16990 Bank Nifty November Futures (17500.6) (-427.55): Resistance: 17550, 17522, 17685, 17742, 17840, , 17880-17900 Support: 17405, 17330, 17280, 17200, 17105, 17050 ---------------------------------------