Nifty Future for Week Oct 20-24- Rakesh Chandra

Each time the Sensex or Nifty reaches a lower level, there is hope for bulls. Look at the Nifty Monthly spot chart. The lower side is bulls hope. Usually the 61 percent retracement is a strong support area on a monthy basis. The hope is that it will contain further fall, and we will see a to and fro motion up to 3600 in the coming days. From a trading point of view, we will initiate long positions only above the weekly bullish level target for the Nifty future.

Weekly UT2: 3,497/3,403;

Weekly UT1: 3,251;

Price is bullish above weekly pivot point 3,098.95) and price is bearish below weekly pivot point of 3,005.05).

Weekly LT1: 2,853.