Morning update Mon, 13th Oct

Good Morning Friends,
One must accept the fact that the intra-day ‘trading range’ for indices had broaden widely for past few days with volatility at its peak. With the influences of global markets making new lows, everyone would be impatient to see the opening on Mon. Though many are expecting huge relief rallies, the weekly views posted here indicates clearly that some pains are still there to experience.
On Mon, the Asians may open with flat to –ve bias & the nifty may find its initial support around 3250 levels. However with Asians being weaker, there are strong chances of breaching this support in opening itself to taste another support at 3230. These supports being weak, there is strong possibility of tasting Fri low 3199 again and even breaking it before 11:00AM. However, if unable to break it before 11:00AM, some recovery will initiate from 11:00AM. The nifty will try to chase the earlier close 3279.95 up to 01:00PM. On upper side, 3300 & 3320 offers some resistance and breach of these resistances may enable nifty to see 3365 /3395 (chances seems difficult at this stage).
The intra-day traders should initiate with opening trend prevailing till 11:00 then watch carefully for changes in trend around 01:00pm & 03:00pm.
Do not carry short positions overnight as there are some chances for a ‘short bounce’ on Tue.
Since these views are being posted on Sun, some changes according to opening of Asians are possible and I would try to update in market hours whenever necessary.

Wishing you happy & profitable trade today,