October month started with high volatile movement in Nifty Futures where it swings between 10857 – 11090 during Monday trading session. But don’t be surprised with such sort of wild volatility swings. On the higher timeframe (Daily Charts) Nifty is still in a sideways mode as last 7 days in a row Nifty Spot tested 11000 levels regardless of where nifty went, which makes the positional trading difficult to hold on to your conclusions. Welcome to the psychological reference game.
Nifty and Bank Nifty yesterday turned to positional buy mode on the hourly charts. Currently the support zone comes near 5804 and 9842. Reverse your position to sell mode if the support zone breaks on the hourly charts on closing basis.