The Nifty closed a shade below the tipping point on Friday the 19th October, the crucial point is at 5686. Above 5686 the immediate resistance is at 5699, 5736 and 5755. On the flip side below 5686 mark the immediate support is at 5665. The crucial support continues to be at 5630 mark below which it may slip to
5584. The recent consolidation trend will change only if either Nifty dips below 5584 or jumps above 5755. This being a truncated week, as 24 October 2012 is a holiday on account of Dushehra, and also 25 October 2012 is the expiry day of the October series, one may expect choppy trades in either direction. Over all, our out look continues to be of bullish consolidation as long as it stands above 5584 mark and so any dip may be utilized to take positions for the November series.
5584. The recent consolidation trend will change only if either Nifty dips below 5584 or jumps above 5755. This being a truncated week, as 24 October 2012 is a holiday on account of Dushehra, and also 25 October 2012 is the expiry day of the October series, one may expect choppy trades in either direction. Over all, our out look continues to be of bullish consolidation as long as it stands above 5584 mark and so any dip may be utilized to take positions for the November series.
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