harsimran.ca.10

Dead Cat Bounce / Relief Rally..!? Nifty Outlook 8th to 12th Oct

NSE:NIFTY   Nifty 50 Index
Last week we witnessed some intense selling. Nifty Lost close to 800 points in just 3 trading sessions. Now what next...!? Normally after such intense selling there is a pullback or a dead cat bounce. Also some key factors in the coming week which can trigger a pullback can be Cool off in Crude Prices, USD INR and Improved Q2 earnings from heavyweights like TCS , HUL etc.

Coming to technicals, 10100-10180/200 is a demand zone (blue shaded region). Also 10200 is a support as per OI Data. Expect some pullback if these support levels/demand zone holds. Resistance Levels or Targets for Pullback are mentioned below(also marked on chart with yellow lines):-
*10400-420
*10540-560 (strong resistance)
*10600
*10750-60 (major resistance)

There can be a very short term uptrend so I wont advice anyone to add positional longs.

Note: Trading pullbacks in a falling market is risky. Market trend is Sell on Rise. Ideally shorts should be added at every resistance level .

Trade active: First Pullback Target of 10400 Done

Nifty Bounced 200 points after making a low of 10200 in the opening first hour. 👍🏻

Above 10420...we can see 10500-550
Trade active: Next Target of 10500 almost done... Nifty made a high of 10493.

Bears need to break 10200 on closing basis to gain strength back and see lower levels of 9950.
market trend is sell on rise or buy on dips as I can see on weekly scale nifty is in continuous higher high higher low formation... (I can be wrong but this is what I have observed and there is no reason till 10k level is hold for going bearish on index)
+1 Reply
harsimran.ca.10 KumarAbhilash
@KumarAbhilash, Short term trend is sell on rise brother...!!

However you're correct in a way that till 10k level or previous low made in March of 9950(to be precise) is held, Major trend is bullish only.

Nifty has very well held the demand zone marked. Also we haven't witnessed any closing below 10200 level that I gave in my analysis above.

If we get a close below 10200..then surely nifty will find next Support around 9950-10000 level. That will be a major trend decider level.

Monthly close below 9950 will be super bearish.
Reply
harsimran.ca.10 KumarAbhilash
@KumarAbhilash, refer to this post also



I have given just my view in this.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Get Help Ideas Published Followers Following Private Messages Chat Sign Out