BNF FOR NOVEMBER ...... ( NEUTRAL TO BIAS ON SHORT SIDE)
5 EMA CROSSED BELOW 20 EMA ON AN HOURLY BASIS INDICATING SOME WEAKNESS FOR THE INDICE. WE HAVE 50 EMA BELOW THIS AND AT THE BOTTOM IS THE 200 EMA. SHOULD BNF TAKE SUPPORT AT 50 EMA, IT WOULD STILL NOT BE A CARRY TRADE AS IT WILL THEN HAVE TO CROSS OVER 5 AND 20 ON THE UPSIDE. MOREOVER, FOR ANY BULLISHNESS TO RETURN, IT IS NECESSARY THAT 5 EMA CROSSES ABOVE 20 EMA AND HOLDS ABOVE IT . MARKET SEEMS TO BE IN A CONSOLIDATION MODE WITH THE US ELECTIONS APPROACHING. ALTOUGH FIIS HAVE BEEN BUYING IN CASH FOR THE LAST WEEK OR SO, THEY HAVE BEEN INCREASING THEIR PUTT OPTIONS CONSTANTLY. DIIS HAVE BEEN CONSTANT SELLERS IN THE MARKET, WHILE RETAILERS HAVE BEEN GOING MORE LONG THAN SHORT.
RELIANCE ON THE OTHER HAND SEEMS TO BE STILL SHOWING WEAKNESS . ALTOUGH THE MARKET HAS NOT REACTED TO RELIANCE FROM 2300 APPRX HIGHS TO 2000 CURRENTLY, I THINK THIS LAST WAVE OF C OF 2 OF 5, SHOULD COMPLETE ITSELF BEFORE WE START WAVE 3 UP. IT IS TOUGH TO TAKE A FIRM STAND CURRENTLY REGARDING C OF 2 OF 5, AS THE MARKET IS NEITHER GOING UP NOR DOWN.
FOR ME PERSONALLY, I WAS LOOKING FOR A CLOSE ON NIFTY BELOW 11930 YESTERDAY FOR WEAKNESS..... IT CLOSED AT 11930.60.
FROM A PERSONELL POINT OF VIEW, I AM OF THE OPINION THAT MARKET WILL COMPLETE C OF 2 OF 5, BEFORE HEADING UP, BUT I HAVE TO ADMITT IN ALL ERNEST.... THAT THE MARKET CAN DO N WILL DO AS IT DEEMS FIT
5 EMA CROSSED BELOW 20 EMA ON AN HOURLY BASIS INDICATING SOME WEAKNESS FOR THE INDICE. WE HAVE 50 EMA BELOW THIS AND AT THE BOTTOM IS THE 200 EMA. SHOULD BNF TAKE SUPPORT AT 50 EMA, IT WOULD STILL NOT BE A CARRY TRADE AS IT WILL THEN HAVE TO CROSS OVER 5 AND 20 ON THE UPSIDE. MOREOVER, FOR ANY BULLISHNESS TO RETURN, IT IS NECESSARY THAT 5 EMA CROSSES ABOVE 20 EMA AND HOLDS ABOVE IT . MARKET SEEMS TO BE IN A CONSOLIDATION MODE WITH THE US ELECTIONS APPROACHING. ALTOUGH FIIS HAVE BEEN BUYING IN CASH FOR THE LAST WEEK OR SO, THEY HAVE BEEN INCREASING THEIR PUTT OPTIONS CONSTANTLY. DIIS HAVE BEEN CONSTANT SELLERS IN THE MARKET, WHILE RETAILERS HAVE BEEN GOING MORE LONG THAN SHORT.
RELIANCE ON THE OTHER HAND SEEMS TO BE STILL SHOWING WEAKNESS . ALTOUGH THE MARKET HAS NOT REACTED TO RELIANCE FROM 2300 APPRX HIGHS TO 2000 CURRENTLY, I THINK THIS LAST WAVE OF C OF 2 OF 5, SHOULD COMPLETE ITSELF BEFORE WE START WAVE 3 UP. IT IS TOUGH TO TAKE A FIRM STAND CURRENTLY REGARDING C OF 2 OF 5, AS THE MARKET IS NEITHER GOING UP NOR DOWN.
FOR ME PERSONALLY, I WAS LOOKING FOR A CLOSE ON NIFTY BELOW 11930 YESTERDAY FOR WEAKNESS..... IT CLOSED AT 11930.60.
FROM A PERSONELL POINT OF VIEW, I AM OF THE OPINION THAT MARKET WILL COMPLETE C OF 2 OF 5, BEFORE HEADING UP, BUT I HAVE TO ADMITT IN ALL ERNEST.... THAT THE MARKET CAN DO N WILL DO AS IT DEEMS FIT