NIFTY VIEW AS ON 5 OCT 2020 (GAP THEORY) ??
We have observed that NIFTY has consecutively made 2 gap up openings and also sustained above. This certainly means after today's move that we have confirmed the bottom made at 10800 which was also our final support zone since long. Levels to watch out for next
Intraday Support Zone is 11415-11420 (Can be retested or broken in order to fill GAP)
Intermediate Support Zone is 11310 (May retrace upto before going UP and thus filling the gaps)
Long Term Support Zone is 10865-11020
Overall Conclusion : We have got the confirmation for bottom made at 10800 today. But during process as mentioned previously we have left important GAPS since 2 days. I still believe that if NIFTY is supposed to be strong then this gaps must be filled so that there is no fear in rally. Now it is not necessary that all gaps are to be filled mandatorily. But the move technically still makes me believe it may fill up and there will always be the possibility to fill these gaps untill our LONG TERM SUPPORT ZONE is below them.
SWING RECOMMENDATIONS (Working on new strategy) Educational purpose !!
RELIANCE IND (Buy at 2250 Stop loss 2205)
BOSCH (Buy at 13808 Stop loss 13363)
SUNTV (Buy at 469 Stop loss 456)
ESCORTS (Buy at 1297 Stop loss 1224)
VOLTAS (Buy at 686 Stop loss 663)
INFO EDGE (Buy at 3650 Stop loss 3471)
****Trigger Terms and Conditions****
1) Recommendations are valid only for tomorrow if not triggered ignore
2) Trade if triggered should normally end in a week
3) Targets are not pre-determined (exit will be announced)
4) Trade should be considered only for Cash Segment