9am with Emkay: Oct 7th

9am with Emkay

Contents

n        Technical Comments

Triangular Consolidation

Nifty continues to take support on the red trendline it broke out of, the trendline and the 20 HEMA both stand around the 6160 mark and a lower trendline support too exists at 6140. This means that 6140-6150 remains a good support range for the next few sessions. The short term view remains positive and Nifty should target 6300 levels as long as we don’t breach 6140. It is though advised to start booking profits around the 6280-6300 levels, as a correction can set in after that.