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.
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.
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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.
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.
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 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).
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…..
