NIFTY View

October 2013: Market View

The month of September was positive for the markets. As per our analysis, the markets closed above 5450 levels. Now coming to October, we are positive for this month as well. Our prediction for this month:
"We will close the October month above 5750 levels"
For October, we expect the lower range to be 5450. Nifty currently is 5780 and has created good support at 5700 levels. For the coming few days, nifty looks bearish with downside open till 5630, that is the 50% retracement mark. There is also a major gap in the 5450-5550 zone. All eyes will be fixed on the upcoming results season and other policy meetings. We expect a surprise from Raghuram Rajan on the interest rate front and feel that interest rates could be relaxed in the coming policy meet. Nifty has stiff resistance in the 5950 level and breaking that could see quick upmoves till 6100.
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