Nifty Analysis for 5th October

Nifty CMP- 11416.95

EOD Analysis

During the last week we have seen a recovery in prices after the significant fall. Nifty index was able to cross the 11000 mark and made the high of 11428.60. Overall we have seen the bulls dominating the index.

As for the coming week we anticipate the following price action –

Above one hour chart illustrates the price action in Nifty index. During the previous week Nifty price rallied and reclaimed 11400. One should give due attentions to Gaps created while making the trading decisions.

On the longer time frame chart, 10834/10920 act as major support.

On the other hand 11522/11530 range act as major resistance.

Similarly, immediate supports can be found near – 11250/11170/11062 and 11480 act as major resistance.

One can expect high volatility on 7th Oct.

Daily Nifty spot levels are posted @ Nifty Spark page.

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