NIFTY SPOT MADE A HIGH OF 6341 ON DIWALI MUHURAT TRADING AND THIS HIGH OF SPOT AT 6341 AND THE FUTURE HIGH OF 6382 ONLY REMAINED THE HIGH FOR THE OPENING SECOND ONLY. THUS THE EARLIER 2ND HIGHEST POINT OF NIFTY AT 6338 ON DIWALI NIGHT OF 5TH NOV 2010 IS NOW REPLACED BY 6341 OF 3RD NOV 2013 AND THE LIFE TIME HIGH OF 6357 SPOT OF 8TH JANUARY 2008 CONTINUES TO ENJOY THE HONORS TILL IT IS BREACHED AFTER A FEW DAYS OF CORRECTION THAT HAS STARTED FROM TUESDAY 5TH NOVEMBER RIGHT ON THE FIRST TRADING DAY AFTER THE DIWALI HIGH.
ON TUESDAY NIFTY SPOT MADE A HIGH OF 6303 TO FALL TOWARDS THE END TO CLOSE AROUND 6253 NEAR THE LOWEST POINT OF THE DAY. THE CHART PATTERN SUGGESTS FURTHER FALLS IN NIFTY TO RETRACE SOME OF THE BIG GAINS MADE DURING LAST WEEK THAT ENCOURAGES INTRADAY TRADERS TO CONFIDENTLY TRADE SHORT ON INTRADAY RISE OF NIFTY AS LONG AS SPOT NIFTY SUSTAINS BELOW 6292 TO REVERSE FOR LONGS ONLY ABOVE 6292 SPOT. IN CASE THE LOW OF TUESDAY AROUND 6244 IS BREACHED AND SPOT NIFTY SUSTAINS BELOW IT THEN EXPECT FURTHER FALLS TOWARDS 6216 FOLLOWED BY 6200 TO FALL FURTHER TOWARDS 6171 BEFORE A BOUNCE.
SIMILARLY ON THE HIGHER SIDE, IF THE FALL ON TUESDAY IS JUST ENOUGH IN ADVANCE OR IF NIFTY MANAGES TO MOVE UP AND SUSTAIN ABOVE 6272 SPOT LEVELS THEN ONE MAY EXPECT IT TO MOVE UP TO CONTEST THE IMPORTANT RESISTANCE BETWEEN 6286 TO 6292 TO TRIGGER MASSIVE SHORT COVERING TO MOVE UP TOWARDS 6300 OR EVEN 6313 SPOT LEVELS TO SEE INITIATION OF FURTHER SHORTS FROM HERE. ONE SHOULD EXPECT A CORRECTION OF A DAY OR TWO MORE BEFORE THE UP MOVE RESUMES POSSIBLY FROM THURSDAY AT THE BEST. A HEAVY PREMIUM OF AROUND 50 POINTS FOR NIFTY FUTURE OVER SPOT NIFTY ALTHOUGH LOOKS ATTRACTIVE TO HOLD LONGS YET IS HIGHLY DECEPTIVE & IS VULNERABLE TO BIGGER FALLS.
ON TUESDAY NIFTY SPOT MADE A HIGH OF 6303 TO FALL TOWARDS THE END TO CLOSE AROUND 6253 NEAR THE LOWEST POINT OF THE DAY. THE CHART PATTERN SUGGESTS FURTHER FALLS IN NIFTY TO RETRACE SOME OF THE BIG GAINS MADE DURING LAST WEEK THAT ENCOURAGES INTRADAY TRADERS TO CONFIDENTLY TRADE SHORT ON INTRADAY RISE OF NIFTY AS LONG AS SPOT NIFTY SUSTAINS BELOW 6292 TO REVERSE FOR LONGS ONLY ABOVE 6292 SPOT. IN CASE THE LOW OF TUESDAY AROUND 6244 IS BREACHED AND SPOT NIFTY SUSTAINS BELOW IT THEN EXPECT FURTHER FALLS TOWARDS 6216 FOLLOWED BY 6200 TO FALL FURTHER TOWARDS 6171 BEFORE A BOUNCE.
SIMILARLY ON THE HIGHER SIDE, IF THE FALL ON TUESDAY IS JUST ENOUGH IN ADVANCE OR IF NIFTY MANAGES TO MOVE UP AND SUSTAIN ABOVE 6272 SPOT LEVELS THEN ONE MAY EXPECT IT TO MOVE UP TO CONTEST THE IMPORTANT RESISTANCE BETWEEN 6286 TO 6292 TO TRIGGER MASSIVE SHORT COVERING TO MOVE UP TOWARDS 6300 OR EVEN 6313 SPOT LEVELS TO SEE INITIATION OF FURTHER SHORTS FROM HERE. ONE SHOULD EXPECT A CORRECTION OF A DAY OR TWO MORE BEFORE THE UP MOVE RESUMES POSSIBLY FROM THURSDAY AT THE BEST. A HEAVY PREMIUM OF AROUND 50 POINTS FOR NIFTY FUTURE OVER SPOT NIFTY ALTHOUGH LOOKS ATTRACTIVE TO HOLD LONGS YET IS HIGHLY DECEPTIVE & IS VULNERABLE TO BIGGER FALLS.
No comments:
Post a Comment