Morning update Fri, 17th Oct:

Morning update Fri, 17th Oct:
It’s a typical ‘transition’ day prior to a bullish breakout on oncoming Mon. On Mon, the ‘bulls’ would be planning to fill all gaps left so far. In the light of those facts, it would be too risky to hold shorts overnight.
Today, Asians are trading mix in spite of strong recovery of Dow after European closing. However, the Asians are expected to recover as day progresses. Expect a flat or slightly up open for Indian markets and the nifty would try to retain levels to make a way for much expected bullish move on Mon.
The nifty spot may open near to 3.3K mark and try to make an up move above 3330 / 3360 levels.
The b/o of 3360 could make it close above 3.4K levels.
The resistance offered by ‘bears’ for this up move could be weak enough to pull it down below supports 3230 / 3200. One may go long on any declines and high risk traders may carry longs/ calls overnight for good gains on Mon.