For Tuesday, October 8, 2013, the trend deciding point worked out at 5865 mark. Again, the weekly trend deciding point was pegged at 5894 mark. However, this was breached on Monday, very easily. Hence any fall in Nifty was to finally get supported at 5865 mark. A buying opportunity was to be exploited here, if Nifty sustained this support area of course, with a stop loss of forty points. For any reason if 5865-5850 was breached or Nifty closed below 5894 mark, then the immediate trend was expected to turn to negative. On the upside, intermediate resistance existed at 5965 mark. Then the subsequent resistance was expected to arise at 6004 level. If this is also crossed, then the first weekly resistance of 6034 was to stand in the way of any upside move. And on Tuesday, Nifty opened with a gap up at 6000 and within the first couple of hours touched the high of 6021 mark. This was close to the envisaged resistance level of 6034 mark as mentioned above. From here, Nifty started drifting down and made a low of 5944.25 mark. The low was exactly at the close of Monday. Nifty finally settled the day after moving in a range, at 5954.10.
For Wednesday, October 9, 2013, the trend deciding point emerges at 5925 mark. Since, it is very near to the current close of 5954.10, there are chances that this level can be breached on a slight selling pressure. The next support stands at 5894 mark, the weekly trend deciding point. If for any reason, if this also stands violated, then the next support is expected to emerge around 5850 mark. In spite of being repetitive, we would like to mention that if nifty breaches this 5850 mark or closes below 5894 mark, then the immediate trend is expected to turn to negative. On the upside, Nifty is expected to face resistance at 6034 mark with an intermediate resistance at 5985 mark.
For Wednesday, October 9, 2013, the trend deciding point emerges at 5925 mark. Since, it is very near to the current close of 5954.10, there are chances that this level can be breached on a slight selling pressure. The next support stands at 5894 mark, the weekly trend deciding point. If for any reason, if this also stands violated, then the next support is expected to emerge around 5850 mark. In spite of being repetitive, we would like to mention that if nifty breaches this 5850 mark or closes below 5894 mark, then the immediate trend is expected to turn to negative. On the upside, Nifty is expected to face resistance at 6034 mark with an intermediate resistance at 5985 mark.