Waves have been marked on chart for easier assimilation .. My view on Nifty is still bearish and expecting Nifty to retest 11530 level tomorrow .. No changes in the resistance & support zones and the same have been marked on chart ... View gets invalidated if Nifty breaks 11750 .. Likely important time zones to be watched out for are 1015 - 1030 hrs and 1200 hrs
Note - views expressed are personal n for educational purposes only. Consult your financial advisor before trading instruments
Nifty actually can test 11740-11770 level tomorrow least level it can test around 11580, depending on the patter formation thereafter worst case it can test 11520, but less chances, as per my analysis it can be range bound/bullish, but not bearish .
sumannarayana
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@sumannarayana, As i said the market is bullish today and also it has tested 11770 and 11830 as well, tomorrow if no unexpected surprise in between seen globally, market will be marching towards 11860 and 11900, and the 11797 and 11760 are the key supports, as tomorrow is the election day, volatility may highly influence the markets. in this case my analysis gets void. markets can test again 11500 and 11600 as well.
raj0778
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@sumannarayana, yup .. tomorrow mkt might test the key level of 11975
sumannarayana
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@raj0778, Today Nifty has hit the both the targets i said 11860 and 11900, and it also took support around 11760 as per my analysis. next levels i can mention only after USA result today.
sumannarayana
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@raj0778, tomorrow Nov5th opening will be above 12000, and markets will rock, but still volatility is expected weekly expire is on
sumannarayana
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@raj0778, tomorrow 4th nov supports 11960, and 12018, resistance 12078,12100,12180
AdityaIIML
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Won't the global market being positive affect the sentiment?
sumannarayana
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@AdityaIIML, definately global markets change the sentiment , Nasdaq also trading bullish today, europian markets,Nifty actually can test 11740-11770 level tomorrow least level it can test around 11580, depending on the patter formation thereafter worst case it can test 11520, but less chances, as per my analysis it can be range bound, not bearish .
raj0778
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@AdityaIIML, yes, global sentiments do affect, but what m trying to say is that the next expected pattern is a 3-wave structure downwards .. of those 3 waves, how much movement shall happen today is impossible to guess for me, at least .. that has to be monitored during live market .. overall direction of the pattern is downwards with wave b in upward direction .. It may also happen that wave a unfolds initially in downward direction and the entire day is spent in wave b in upward n sideways movement .. also as i mentioned, if even a wick of any candle touches 11750, my view gets invalidated .. happy trading