Nifty Future Rally

Good Morning and Wish You a Happy Trading Session ….

After negative opening, Nifty Future has tried to recover some. Making day’s high at 10570 the index fails to sustain above and start to melt. All-over the session it was a zigzag move. Nifty Future was trading within a small zone.

Volume of the market was below average and volatility index repeat Friday’s zone. Therefore no clear direction was shown yesterday. But we are expecting sudden bounce back from support level.

    

                                                                       *************************

Diwali Muhurat trading 2018: NSE, BSE trading time on 7 November;

To mark the auspicious occasion of investing during Diwali, India’s leading stock exchanges -- NSE and BSE -- have declared the trade timings for Diwali Muhurat trading 2018. Diwali Muhurat trading will be conducted on the festival day itself, 7 November 2018 -- Diwali -- in the evening. Diwali Muhurat trading will begin from 5:00 pm and will last till 6:40 pm, BSE and NSE said in separate notices.

Source: NSE

                                                 *************************

From couple of day writing about the rally, those are regular read of my posting have noticed it. From 10030 Nifty Future already made high 10632, net 602 points of rally.

But after predict the wave pattern it is clear that the move will continue its journey more few sessions. And we can see Nifty Future is touching 11179 levels just after Diwali.

But one factor is 10716. It closes about it then the mentioned top is possible.

Conflict after sudden direction change

When Market changes its direction suddenly then generally a conflict raised. After 14.96% of fall through 35 trading days, when Nifty Future reverse 6% within 6 trading day’s then generally a controversy took place.

Is the Index already made bottom? Or this is the beginning of a fresh Bull move. This is the point of conflict.

India VIX Snapshot

India VIX made high 19.8225 and low 17.7350 yesterday. This zone was exact copy of Friday’s. Breakout of this will clear the rally.

Advance and decline ratio of the Nifty is 23:27 (almost 50-50).

OI at Option Trading

Strike price of most active Nifty CALL was 10700, and turnover was 07, 33, 957 .56 laces.

But most active PUT was 10500, and turnover was 7, 40,032.25.lacs. From last two sessions the range of most active options is same.

Key Support-Resistance level of Nifty Future

If Nifty Future break 10505 within first hour of trading then below 10430 crucial supports are 10423.95---10420.

Above 10665 Nifty Future will run to touch 10716.25. Once Nifty Future cross and close above the mention level then we may see 10940-963.95 as next top. The move may continue more (will update timely)…..

Today’s Overview:

From first half’s low a straight rally is on card, those are holding short positions be cautious,

Don’t jump to short….for short term…..