| Market Outlook 05 November 2015 (based on Index futures) | |
Nifty November futures (8070.05) (-17.2): Nifty Futures failed to hold on to the firm start and steadily lost grounds to close the day in the negative making a bearish pattern. It must take away the 8150 level to signal continuity of the uptrend and till such time that it does so, selling on rallies around this region is likely to be a profitable strategy. The 8052 level has held on declines and fresh weakness will be signaled if this region is decisively breached. Fresh offloading is likely below 8022 and then maybe the 8000 region too may come under pressure; but as long as the support around 8022 holds, some pull back is likely as the bulls may again try to make a go at the 8100 level and once above that, they may try to pull it up above the 8140 region. The zone between 8150 and 8220 is populated with resistances and strong buying is needed to cross this region.
Bank Nifty November Futures (17288.9) (-88.15): Bank nifty future opened around the major resistance level at 17525 which was also the high of the day. It failed to cross the critical resistance zone 17530 – 17540, which must be taken out for signalling that it is on the path to recovery, and came under selling pressure closing the day in the negative with losses. 17310 is the immediate resistance above which the 17340-17394 is the initial supply zone that needs to be crossed decisively for any show of strength by the bulls. 17250 is the immediate support but 17200-17195 is the critical support for now and a decisive breach of this level will see fresh offloading which may take it down to the 17000 level with some support at 17120-17100.
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 Nifty November futures (8070.05) (-17.2): Nifty Futures fail...){kind=link}
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