Next week promises to be action packed week as 5 heavy weight SBI, ONGC, Tata Steel and Coal India comes up with their results.US also goes down for election on Tuesday. Mahurat trading is only 6 trading session away and as seen from past Historical data Nifty tends to give 5-6% move pre or post Mahurat trading session. So accept a 5-6% move in coming week or after 14 November.
Nifty Hourly Chart
Nifty Hourly charts have seen a range expansion on downside with nifty range extending till 5583. Till 5580 is not broken we can see an expansion in upside range after 5725 is taken off.
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
Nifty was in a short term downtrend and it suddenly reverses with a gap up which is considered as strong signal till 5680 is not broken.Friday’s gap up after two narrow range days is a signal that the trend has reversed from the upside and now.
- 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
Nifty at last after RBI disappointed the market broke the 5635 level on downside and took support at 5585 which we have discussed in last week should provide good support to Nifty. Nifty unable to break 5585 bounced back again and closed at 5697.
Nifty Daily Chart with Indicators
If one look at Nifty daily chart closely with a fall from 5718-5583 Stochastic and RSI have dipped in Oversold zone which shows with a small fall indicators are dipping shows nifty desire to go up and break 5725 zone.
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,Now with correction over Nifty has again bounced back above median line of Andrew’s Pitchfork. Longs should keep sl of 5680
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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