Nifty Intraday analysis 10th Oct 2023

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Good Morning Traders,

Guy's today global market looking green, we might can see some bounce back in market, if talk technically about Nifty, the day was very volatile, we have seen gap down and then buying and then again pressure from top. So the day was really volatile, and Nifty had erased all previous two days gain after the Israel Palestine conflict pushed oil prices higher on yesterday session. But Nifty have sustained important support zone on chart 19475-19500. This is crucial support zone for nifty, any closing below 19475 can take nifty towards 19200. So i think as global market is showing bullishness, so there is higher chances we can see buying in our market too. On the higher side we can see some resistance at 19600, any good closing with volume can take nifty towards 19750-19800 levels.
Well guy's nifty have formed a bearish candlestick pattern with long upper and minor shadows on the daily time frame. Usually this pattern indicates a lower top formation for the stock price with a sell on rise opportunity. This is a negative indication and one may expect some more weakness for the short term.

Keep watch on some good stocks for near term.

1. Aavas financiers
2. Oil India
3. Mahindra holidays.

These stocks has formed a bullish candlestick patterns on chart. There is higher probability we can see some upside moment in it.

Important levels for Nifty:-

Intraday support zone 19475-19500
Intraday resistant zone 19600-19650

Buy above 19537, if levels sustains at least for 15 mints
Targets we can see in upside 19584/19642
Keep stop loss at 19495

Sale below 19495, if levels sustains at least for 15 mints.
Targets we can see in downside 19444/19376
keep stop loss at 19537

Note:- Always wait for the best entry or levels to execute trades. And always follow strict stop loss to save your capital from unexpected market direction.

Disclaimer:- Please always do your own analysis or consult with your financial advisor before taking any kind of trades.

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