Nifty - Heavyweight Reliance Cracks 7% - Will Nifty Crack Next?

Last - 11635/b]

Heavyweight Reliance Cracks 7% (2065 to 1897) on disappointing results as discussed in overnight idea @ 1st Nov2020 & the personality confirms that stock could be in wave-3 or wave-C which was warned earlier that below 2000 - stock can have trouble.

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Most of the stocks discussed has witnessed good intraday fall
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Tata steel - Fall from 411/413 zone to 400

Auropharma - running close to 750's

ITC - Falling in desired direction of 157 with key support 165-167 zone

USDINR- Halting close to 74.50 key level

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Idea Published @ 1stNov2020

19:51

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Will Nifty Crack Next ?
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Moves are choppy & possible new upside can be expected only above 11700 & later should cross 11745/11750 key levels. Failing to cross key levels, index can slip to 11550 / 11380-11420 zone

Target 1- 11550

Target 2 - 11380-11420

Parallel channel drawn from lows of 7511 connecting 10790 (discussed in last night video idea) -extended upside can offer support in 11380-11420 with minor support close to 11550 level.

Thanks

Trade active:

14:24 Hrs / 2nd Nov 2020

Crossing above 11690 is warning bell for all sellers so careful as suggested above

Trade active:

14:49 Hrs / 2nd Nov2020

Last Price - 11709

Only Risky Traders -should take long positions

Index needs 2nd confirmation of crossing 11745/11750 then it will suggest that short bottom @ 11530 is in place in that scenario - room opens upside for 11870-11900 which was old zone as suggested earlier in since first week of Oct2020.

Trading here can be really tough as next set of moves are going do ups /downs very frequent so your risk management has to be in proper place

Trade active:

15:08 Hrs / 2nd Nov2020

Last Price- 24915

Bank Nifty has a double top close to 25200 - Any new buying happens above 25200

Trade active:

10:08 Hrs / 3rd Nov2020

Last Price- 11770

As a trader - you should never forget your levels - 11790 was the most talked level in last few weeks so trading should be planned keeping in mind key levels & milestones

Some key levels
11790-11800
11825
11870-11880

US Markets are doing retracement for the fall done in last week so be very careful as any hint - market may drop heavily. Having said that -you should never forget managing your risk while trading & also know where you could go wrong.

Thanks & Have a Good Day

Trade closed manually