Trading Tips for Tomorrow : Nifty needs to stay above10,250 levels to stabilise

Trading Tips for Tomorrow 23 Oct 2018

Indian stock market underperformed its Asian peers on Monday, as the NSE benchmark Nifty ended with a modest loss.

The index reversed its course after a 100-point gap-up opening, witnessed heavy selling pressure in the last hour of the session and settled 58.30 points or 0.57 per cent lower.

The session on Tuesday is again likely to see a stable opening, as Nifty may look to regain some stability.

If we examine Monday’s trade, the intraday high was 10,408. This means that Nifty resisted its major pattern resistance area, which we had mentioned in our previous notes.

Having said that, in event of a continued weakness, it would be critical for Nifty to maintain its important pattern support zone of 10,180-10,250 levels.

If the market sees some stability on Tuesday, the levels of 10,310 and 10,345 will act as resistance levels on the upside. Important supports are expected to come in at 10,180 and 10,140.

 

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