In the Previous Nifty Outlook, I mentioned on 13th or 14th Oct, the low will be formed before a good bounce that is expected to be made. Nifty made a low on 13th and gave a huge Gap up on 14th.. And previously the support level were 17081 incase of the gap down of 10th Oct and once if it breaks gradually the next support was 16900. Nifty made huge gap down on 10th Oct and a low at 17064.70, Just 15 points from the mentioned level and rallied perfectly on Intraday Basis. And during the entire week a low of 16950 was punched on charts.
In the coming week, I expect nifty to be range bound from 16947 to 17442 , unless the zone of 17442-17561 is not broken, a good up-move can't be seen. In case a major breakdown is seen it will be for 16637 below 16947 on closing basis. The reason I am bullish despite of the bad news in the streets is because of the chart of Dow Jones. Dow is at 250 weeks MA and has respected it beautifully in these weeks.And this helps me to be optimistic about global markets. Until and unless this support is not broken I don't see a major correction in future but a support retest won't be a impossible scenario.
If you find the post useful, please do like because that's what keep me motivating.
CHART & ANALYSIS
ADARSH DEY
LINK TO THE PREVIOUS WEEK NIFTY OUTLOOK:
In the coming week, I expect nifty to be range bound from 16947 to 17442 , unless the zone of 17442-17561 is not broken, a good up-move can't be seen. In case a major breakdown is seen it will be for 16637 below 16947 on closing basis. The reason I am bullish despite of the bad news in the streets is because of the chart of Dow Jones. Dow is at 250 weeks MA and has respected it beautifully in these weeks.And this helps me to be optimistic about global markets. Until and unless this support is not broken I don't see a major correction in future but a support retest won't be a impossible scenario.
If you find the post useful, please do like because that's what keep me motivating.
CHART & ANALYSIS
ADARSH DEY
LINK TO THE PREVIOUS WEEK NIFTY OUTLOOK:
Trade active:
Taking minor resistance at the mentioned zone very precisely.
Comment:
Continuously for the 3rd day, Nifty within the zone 17442-17561. The open and the close are precise dot to dot. Hopefully Nifty will breakout soon.
