outlook & technicality for nifty 16-10-15

THE TECHNICALITY · The above is a Nifty Spot WEEKLY graph. · Resistances on NIFTY are 8220 / 8245 / 8299. · Support Levels for NIFTY are 8164 / 8130 / 8101. · Leg 'b' of larger triangle may not have yet completed which may give the market some scope or more upside before leg 'c' decline begins (See Chart). · Triangular wave pattern is the most boring, volatile & challenging pattern, which often tests our patience. · Volatility & a big range consolidation is a most likely phenomena for this month. · Basically, some more time left till we witness a trended bull market. · Good Luck..

THE OUTLOOK · Yesterday was the first firm trading session of the current week. · Enter the short side only if you dare to be in a positional trade. · Any bull side strategy should be restricted only to intraday for the time. · Focus on Stock Specific trading as that would turn to be most rewarding with many of the frontline stocks forming extreme wave pattern. · Option trading time is right here but the contract selection is important considering the technicality aspect. · Sector wise inverse movement is expected which would bring some volatility in the market. · Happy Trading..