Oct22-W4: Diwali means less candles? (Oct24 to Oct28)

What I said last week was that I was clueless about Nifty’s direction. Nifty though did not have that problem. It moved up steadily. Now the following is my analysis for coming week:

There is no analysis. It is Diwali and this is going to be a 3-day + 1-hour week. Not much can happen during such a short and weird timeframe. My worry is that the muhurat trading session, as always, will destroy my indicators - especially the stochastic. If the candle of October 24 makes lengthy wicks, it will create all the more problem. So, I am going to ignore everything that happens this week and enjoy time with family. I will get curious about Nifty if it drops below 17400.

Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
Consolidation - Between 18000 and 17375
Uptrend - If breach above 18000; to rise somewhere till 18400
Downtrend - If breach below 17375; to drop somewhere till 16850

Let it be a ‘green’ Diwali

DISCLAIMER: I am not a SEBI registered adviser. All the information provided on this website is for educational / informational purposes only and should not be taken as investment advice.

Trade closed manually:

ROI this week: 0.72%
Number of weeks traded: 29
Avg ROI per week: 1.23%