NIFTY Monthly Analysis for Nov 2019Nov Analysis :
Opening candle : Between H3 and L3
CPR : Very wide, indicating a consolidating/sideways movement.
Resistance : The band between H3 and R1 can be strong resistance area.
If breached, expect NIFTY to touch H4 by end of the month.
Support : Two strong support labelled in the chart due to coinciding monthly and yearly supports.
H4(YEARLY), which was a Yearly resistance can also act as a support.
If those two strong supports are breached and sustained, expect more downward movement till S1.
My opinion : Since CPR is wide, expecting NIFTY to be range bound between R1/H3(upper range) and TC/L3(lower range).
Good ‘Buy the dip’ opportunity near strong supports labelled.
If lower range not breached, expect R1/H3 to be reached by the end of the month.
Disclaimer : The indicators, strategies, columns, articles and all other features discussed here are for educational purposes only and should not be construed as investment and/or trading advice/tips.
