Nifty Pre-Market View.

"5604"-MHEma, the number Nifty/market would be obsessed with as a close above 5604 on 31st Oct would bring in "Monthly upward momentum".
Nifty is yet to reach the 38% retrace mark @ 5587, a slow fall towards it could adjust the ST technicals for a reversal. Hence, we watch the current fall with time factor as a critical input to understand the market.
For the day, there are resistances in the zone of 5687 onwards till 80% @ 5704- home to 5DEma, 21 & 34Hr smas, JNSAR, DHEma, 61.8% retrace of the current fall from 5719.
The supports would be in the region of 5634-37(recent lows) to 5613(34DEma).
Nilesh Patil's Input: I found that many of the JNSAR Traders may not get proper reentry with your premarket view or they are hesitant to take a reentry with 2nd lot. For those traders/ learners, I found one simple method to get reentry with JNSAR 2nd lot. When you are in the position of JNSAR & 1st lot booked, to initiate 2nd lot reentry, do settings 21ema and 34ema on 5 min. time-frame. When EMA's gives cross to downward then wait to give candle close below the 21,34. Take the trade in short. SL is above 21,34 ema close candle of swing high. For buy position, vice versa. This gives the trader a good reentry point with proper SL. of 10-15 points and thus he/she can get confidence on taking reentry on JNSAR.
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