nifty outlook for 29-10-15

THE TECHNICALITY ·  · Resistances on NIFTY are 8183 / 8209 / 8242. · Support Levels for NIFTY are 8132 / 8089 / 8051. · Leg 'c' decline commenced last Monday, which is now confirmed with the break of 8217 yesterday. · This decline wave may complete in 3 phases. So any up move will be corrective in nature within the 2nd corrective. · The Indian Stock market did not react much on the global upsurge while the bias & momentum is 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 & in particular since last 3 trading sessions. · Finally we got a noticeable decline yesterday as expected which should continue further in phases. Intra day upside may be witnessed due to the oversold parameters only to resume the decline. · Focus on stock specific trading on a positional basis as many frontline stocks have developed extreme wave patterns, some favour the bulls while some favouring the bears. · Option trading should be the most rewarding strategy at the moment. · Volatility is a regular expiry day phenomena. · Happy Trading..