nifty outlook 27-10-15

THE TECHNICALITY · The above is a Nifty Spot Daily graph. · Resistances on NIFTY are 8284 / 8301 / 8336. · Support Levels for NIFTY are 8239 / 8217 / 8191. · Leg 'c' decline has hopefully commenced yesterday which will be confirmed with break of 8217 on the downside. Once the decline is commenced, we can get a clearer picture of a probable bottom formation & accordingly strategize an early entry in the trended market. The Indian Stock market did not react much on the global upsurge while the bias & momentum is still negative. · Basically, some more time left till we witness a trended bull market as we are still in the 2ndcorrective phase. · Good Luck..

THE OUTLOOK · Higher levels should be considered as a short sell opportunity as we have been doing the same successfully since last week. · Avoid any bull side even if they seem to be appealing. Indian Market did not react at all on the global factors last Friday &even yesterday &anytime there will be a more noticeable decline. · Expiry Week Options would be the most rewarding for this week. · Focus on stock specific trading as many frontline stocks have developed extreme wave patterns. · Volatility is a regular expiry week phenomena. · Happy Trading..