Updated every Monday, on weekly basis.
10th Oct 2016 (Monday)

NIFTY (Cash)

Market Short-term trend : For Short-term positions

Market in short-term correction
Market has to sustain above 8700

Market in last week, it has closed wea below 8700.
Nifty expected to witness a minor recovery.
Nifty incase of a possible recovery, it has to sustain above 8700.
Nifty has to close strong above 8700, for at-least two days, for a short-term uptrend
Then the next major resistance above is at 8800.
Incase of any further weakness and if closes below 8700, then it indicates a further caution.
Then the next support below is at 8650.
Incase of a further close below 8650, then it indicates a further correction.
Then the next major short-term support below is at 8600.
But the major support below is at 8500.
Only below 8500, it indicates a stronger correction and a fresh short-term downtrend.
But however this 8500 level, is little far away and may not be broken, under normal market situation

Disclaimer: This content is only for Education and for Information purpose. There is risk of loss in the stock markets and it is not suitable for all Investors/Traders. Returns in the market are dependent on market conditions. The analysis made herein is based on Technical Analysis, and is subject to change. Readers of this column are advised to use their own discretion before trading or investing in the financial markets and they are only solely responsible for their actions.

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