Nifty Outlook For Monday 17-Oct

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It was very good week for Indian Stock Markets. Both bench mark indices (Sensex & Nifty) made significant gains during the week and crossed their psychologically important levels of 17,000 and 5000, respectively. Both indices were up 5%.  Indian market is likely to open positive on Monday on better than expected results from Infosys and outperforming IT sectors.

For intraday trading on Monday, good support for Nifty exists at 5050 level, below which Nifty is likely to test the levels of 5000-4945. On upside Nifty could find strong resistance at 5200-5250 and any trades above this level may lead Nifty to 5320 level.

Trading Strategy For Monday
Trade long in Nifty, above 5125 level with a stop loss placed at 5080 level for targets of 5152-5170 levels.

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