Nifty Outlook by Epic Research for 5th Oct

Nifty Outlook

Nifty Future opened flat and gained momentum during the course of the day. Nifty Future closed at 9944 up 76.45 points from the previous close.
Bank nifty on the hand was seen consolidating during the day and closed flat post-RBI Monetary policy. The market had absorbed the volatility which is in tune with expected Neutral RBI Policy. Major Index Nifty had traded and closed near day’s high post RBI policy. Bank Nifty Closed flatly at 24160 up 48 points from the previous close.

Nifty Future on Daily Chart has made a Bullish Soldier and a continuation pattern, Three Bullish Soldier, would set the pace for upward trajectory. Nifty has managed to break the upper resistance of 9900 decisively.

The next line of resistance for bulls comes at 9970 and 10020. The recent two-day run-up is expected as Dow Jones has given a five-day rally, with the US showing good signs of economic expansion.

Major Support for Nifty comes at 9850/9800/9710 and upward resistance comes at 9970-10020-10100. Except for Nifty IT and Metal, all the sectors were positive. Nifty FMCG and Pharma were major contributors ending positive +1.45% and +1.71% respectively.

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Epic Research
Epic Research
Epic Research - Investment Adviser is a leading financial services provider with presence in Indian and other global capital markets. Call on - 0731-664-2300