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NIFTY & SENSEX VIEWS for Today 17 Oct :
If NIFTY breaches 5179 and stays above at least 5155 with good volume then NIFTY trend is becoming 'STRONG' and may see 5210 and 5240.
If Nifty breaches 5085 and stays below 5109 then NIFTY trend is said to be 'WEAK'.Then expected lower targets are 5055 and 5000.
If SENSEX breaches 17239 and stays above 17160 with good volume then Sensex trend is becoming 'STRONG' , possible upper targets are 17345 and 17445.
If Sensex crosses 16926 and stays below 17005 level then Sensex trend is said to be 'WEAK'.Then expected lower targets are 16820 and 16640.
Intraday break out level to watch on NIFTY Spot- 5179
Intraday break down level to watch on NIFTY Spot- 5085
BANKNIFTY FUTURES Tips for 17 October :
BUY-9702 TARGETS-9745,9830,9930 Stop Loss- 9667
SELL-9600 TARGETS-9560,9480,9370 Stop-Loss- 9630
Nifty Technical View for 17 Oct :
1. Nifty is still in a downtrend with lower top lower bottom but a close above 5170 will be first indications of a turnaround or a strong counter trend rally just like the previous one in March from 5180 to 5950 levels.
2. Such a counter trend rally can retrace 61.8% (5350) or an extension 73.6% (5460). Considering the fact that 200 dema/ Trendline resistance/Gap is all placed at 5320-5350 zones, so it becomes an important target level.
3. We have seen a quick move after a double bottom at 4720-4730 with strong positive divergences and such counter trend rallies can be swift.
4. One of the major indications for a counter trend rally is a faster retracement (Rising leg takes lesser time then the falling leg). The last fall from 5170 to 4720 took 10 sessions and right now we are at 5170 in 7 sessions. Move above 5170 in next 2 days will indicate a faster retracement. Faster retracement is a precedent to a turnaround.
5. On the downside 4900-4950 (50-61.8%) is an important support level now which can be an entry point for this counter trend rally.
Investors should continue to keep with the strategy to get into quality stocks on dips.
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