Equity markets had a tranquil week as Nifty continue to move in sideways mode,ended the week on a flat note.October Derivative expiry also was unable to move market out of its slumber state and November Expiry started on profit booking mode but Nifty continue to trade in range of 5635-5725. Next Week Key events are lined up which can help Nifty is giving either a breakout or Breakdown. Earning season is going OK and providing lots of Trading opportunities.
Sunday: Possible reshuffle in cabinet; JSW Steel (JSTL.NS) earnings
Monday: BHEL (BHEL.NS) earnings, RBI macro-economic report on the economy (1700 IST)
Tuesday: Key earnings: Maruti Suzuki India (MRTI.NS), Glenmark Pharma (GLEN.NS), Dr. Reddy’s Laboratories (REDY.NS), Biocon (BION.NS); RBI policy decision (1100 IST)
Wednesday: Fiscal deficit data, infrastructure output data
Thursday: HSBC manufacturing PMI for October (1030 IST)
Friday: Wipro (WIPR.NS) earnings; bank credit and forex reserves data
Nifty Hourly Chart
Nifty Hourly charts are trading in a range 5722-5651 and have reached the oversold range with positive divergence seen on Hourly time range. If 5635 is not broken on Monday another leg up till 50 Hour SMA 5690 and upper end of trading range 5725 is very much possible.
Gaps formation in Nifty Daily chart pattern, 7 gaps in the range of 5077-5600. Do note the GAP formed from 5435-5526 was Breakaway Gap
- 5554-5575 (Break 5635 and we can attemp to fill this gap)
So these levels should be noted down carefully to find further support and resistance.
Nifty Daily Chart
Daily chart is in consolidation phase with a tight range of 5635-5725. Its grinding in this range from past 13 trading sessions. Heaven for Options Sellers and Hell for Option Buyers as premium is deteriorating each and every passing day. Till the range of 5635-5725 is not broken conservative traders stay out of trade ,Aggressive traders Sell Resistance and Buy support till either side stop loss is not triggered.
Nifty Daily with Andrew’s Pitchfork
As seen in above chart any close above the upper line of Andrew’s Pitchfork nifty was unable to break and eventually going in corrective mode.Support now exists at 5638 and 5600.
Let me go by Disclaimer these are my personal views and trade taken on these observation should be traded with strict Sl
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