Weekly News Letter

Date: 3 — 7 October 2016

Support & Resistance

NIFTY:

Last Close: 8611.15 (Down 220.40)

Resistance Levels: 9000, 9250, 9500, 9800, 10000

Support Levels: 8500, 8300, 8000, 7800, 7500

SENSEX:

Last Close:  28668.22 (Down 802.26)

Resistance Levels: 29100, 30000, 31000, 32200, 33000

Support Levels: 27500, 26800, 26000, 25300, 24000

Sensex Range This Week: 28000—29000 above which it will touch 30000 & Below Target 27500; Good Support Closing Below 27500.

Market Commentary:

Nifty may bounce toward 8750—8800 again but will not sustain at higher levels. We will turn bullish once Nifty closes above 9000 mark. Nifty can slip toward 8200—8000 gradually as weekly charts have turned –ve and monthly charts too almost overbought now. Hot sector for this week:Bank & Auto.

Hot picks for this week:

TATAPOWER, RCOM, MOTHERSUMI, ITC, CUMMINSIND, NTPC,  M&M, ASHOKLEY, JSWSTEEL, YESBANK, RELIANCE, MARUTI etc.