Nifty - Pre Deepavali Week
Updated
Is Nifty headed to 17500 or 16900? We will know this week.
For now a little less objective guidance only, will provide more objective updates once the market opens next week.
Marked the Zones in the chart.
I'm trying to play safe with a large grey zone (16940-17422), although it's practically useless. I suggest to not have a strong bias as long as Nifty stays inside this zone. It's better to book small profits, and safeguard the capital.
Go
SGX Nifty suggests a gap down opening. Trade for small profits until 11:15 AM.
My guess is that the weekly candle will remain green until weekly expiry, but turn red on Friday - we shall see.
Good luck!
These are my views and not a recommendation. Trade as per your judgement, and keep a stop loss.
More updates to follow.
For now a little less objective guidance only, will provide more objective updates once the market opens next week.
Marked the Zones in the chart.
I'm trying to play safe with a large grey zone (16940-17422), although it's practically useless. I suggest to not have a strong bias as long as Nifty stays inside this zone. It's better to book small profits, and safeguard the capital.
Go
- Bearish if a major candle closes below 16940 (preferably 2 Hr).
- Bullish if a major candle closes above 17422 (preferably 2 Hr)
SGX Nifty suggests a gap down opening. Trade for small profits until 11:15 AM.
My guess is that the weekly candle will remain green until weekly expiry, but turn red on Friday - we shall see.
Good luck!
These are my views and not a recommendation. Trade as per your judgement, and keep a stop loss.
More updates to follow.
Note
Something like this may happen on Monday* Gap down opening around 17050, with 17065-17075 levels acting as resistance for the day.
* In the first 2 hours, fall below 16950 to take support at 16870-16880 and bounce back towards 16940-16950
* first 2 hour candle closes below 16940.
* Nifty then tries to break 16980-16996 resistance(a fake move), and trends down
For the week, nifty will move below the recent low of 16748.
The above steps, you should view as a guess/gut feel.
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