Morning update Thu, 16th Oct 09:30AM

Morning update Thu, 16th Oct 09:30AM
It was mentioned yesterday…… (High risk traders may carry shorts / put overnight but any such shorts must be covered at opening bell (09:55:30IST) on Thursday).
‘The fortune favors the brave’. Those who are holding ‘shorts’ …must be in a good profit as of now.
After the ‘Waterloo’ at Wall streets yesterday night, it’s interesting to see how much Asians can recover till Indians opens.
Since there is distinct possibility for some bounce from today’s opening levels, expecting further drift could be risky and traders are advised to add strict TSL for their short positions.
One must watch carefully for a few min after opening and any signs of ‘recovery’ should be accepted as an ‘invitation’ to exit short mode and go long for some instant gains.
However if unable to recover, one may go short to taste a ‘new low’.
Nifty spot have support levels at 3250/3210/3190 which is under strong ‘threat’ to be breached in the ‘gap-down’ open itself. The breach of 3190 and trade below it would drift it further to 3140 and break of it will be a start of journey to make a new low.
With Asians recovering, the nifty will face resistance at 3350/3390 and sustaining above it would be a faster move towards 3.5K.
 
Copyright © Niftypredictor