Nifty 50 analysis for 02 Nov

Oct 31, 2020

Waves have been marked on chart for easier assimilation .. As per counts, it appears that wave (i) of Wave 3 and its corresponding corrective wave (ii) r complete .. The fall that was witnessed appears to be wave i of wave (iii) .. same was followed by corrective leg pulling Nifty to approx 11660 levels in a 3 wave pattern n the same has been marked as wave a .... Expecting Nifty to take resistance from the first resistance zone (marked on chart) n fall till the second support zone marked on chart in a 3 wave pattern (choppy movements)...From there Nifty should rally to retest the first resistance zone .. How much of these movements happens on Monday shall depend on VIX ... Bottom line - Nifty is bearish, rallies are opportunities to short

Note - views expressed are personal n for educational purposes only. Consult your financial advisor before trading instruments

Nov 1, 2020

Note

Nifty may try to trap ones on the short side by opening gap down, somewhere around 11590 - 11600 .. will take resistance from the zone and fall till 11530 only to rally up till 11650 from there, thus trapping people on short side .. stay cautious