N FRIDAY 6TH NOVEMBER, NIFTY SPOT HAD A WEEKLY CLOSE AT 7954 MUCH MUCH BELOW THE WEEKLY LOWS OF ITS PREVIOUS FOUR WEEKS. THE LOW OF WEEKENDING 9TH OCTOBER WAS AROUND 8005 SPOT & LAST WEEKS CLOSE NEAR 7954 SPOT SIGNALS FURTHER DANGER FOR THE BULLS. THE ONLY RAY OF HOPE LEFT WITH THE BULLS IS THAT ON FRIDAY THE WEEKLY LOW AROUND 7926 SPOT WAS JUST ON THE WEEKLY SUPPORT LINE JOINING THE WEEKLY LOWS OF WEEKENDING 13TH SEPTEMBER AT 7540 & WEEKLY LOWS OF WEEKENDING 1ST OCTOBER AT 7691.
AT THE BEST ONE CAN EXPECT A BOUNCE DURING THE TRUNCATED DIWALI WEEK WITH TRADING HOLIDAYS ON 11TH & 12TH NOVEMBER . SEASONED TRADERS WILL MAKE BEST USE OF THIS DEAD CAT BOUNCE IF AT ALL IT COMES, TO ADD TO THEIR HEFTY SORT POSITIONS IN FUTURES & BUY MORE OF PUTS TO SEE FURTHER FALLS AFTER THE TRUNCATED DIWALI WEEK IS OVER. A DECISIVE BREACH & CLOSE FOR A DAY OR TWO ABOVE SPOT NIFTY LEVEL OF 8118 CAN SHIFT THE BIAS TOWARDS SOME MORE HIGHER LEVELS. AS LONG AS SPOT NIFTY REMAINS BELOW OCTOBER MONTH SWING HIGH OF 8338, EVERY RISE FOR A DAY OR TWO IS A SHORTING OPPORTUNITY.
THE DEADLY WEEKLY BEARISH ENGULFING CANDLE OF WEEKENDING 30TH OCTOBER & THEN IN THE DAILY CHARTS, THE BEARISH ENGULFING OF WEDNESDAY 4TH NOVEMBER THREATENS FURTHER FALLS ONCE THE SUPPORT LINE AROUND FRIDAY’S LOWS OF 7926 IS DECISIVELY BREACHED ON A CLOSING BASIS. HOWEVER BEFORE THAT HAPPENS ONE MAY EXPECT A DEAD CAT BOUNCE DURING THE TRUNCATED DIWALI WEEK ENDING 13TH NOVEMBER.(BULLS MUST BE PRAYING FOR A NDA VICTORY IN BIHAR ELECTION TO BE ANNOUNCED ON SUNDAY 8TH NOVEMBER)
THE DAILY CANDLE OF FRIDAY 6TH NOVEMBER WAS A PERFECT DOJI AROUND THE SUPPORT LINE AND ALSO ON THE 50% RETRACEMENT LEVELS AROUND 7939 COUNTED FROM THE LOW OF 7540 & OCTOBER SWING HIGH OF 8338 WHICH MAY SEE SOME RISE SHOULD BJP WIN THE BIHAR ELECTIONS. IF BJP LOSES BIHAR ELECTIONS THEN EXPECT A GAP DOWN OPENING ON MONDAY BELOW THIS SUPPORT LINE FOR LOWER LEVELS TO TEST THE FIBS 61.8% RETRACEMENT LEVEL OF 7844 SPOT AND THIS SUPPORT LINE AROUND 7950 SPOT BECOMING A RESISTANCE LINE TO DEFLECT EVERY RETRACEMENT RISE .
50 DAY SMA AROUND 7990 TO 800 SPOT LEVELS WILL ADD ITS QUOTA OF MISERY FOR THE DEPLETED BULLS WHO ALWAYS WILL BE LOOKING HEAVENWARDS TO PRAY FOR DOW OPERATORS OR SGX NIFTY MANIPULATORS TO LIFT NIFTY HEAVENWARDS AT LEAST FOR THIS AUSPICIOUS DIWALI WEEK SHOULD NDA LOSE THE BIHAR ELECTIONS. A DECISIVE CLOSE BELOW FRIDAY 6TH NOVEMBER PERFECT DOJI LOW OF 7926 SPOT WILL STRAIGHT AIM FOR 61.8% LEVEL OF 7844 FOLLOWED BY 29TH SEPTEMBER SWING LOW OF 7691 TOWARDS MUCH BIGGER FALLS MUCH BELOW 8TH SEPTEMBER SWING LOW OF 7540 BEFORE END OF THIS YEAR. HOWEVER A DECISIVE CLOSE ABOVE 6TH NOVEMBER DOJI HIGH OF 8003 SPOT WILL GENERATE A FALSE HOPE THAT THE SUPPORT LINE IS HELD BY NIFTY & NIFTY WILL RISE FURTHER BYPASSING THE 50 DAY SMA AROUND 8000 LEVELS TO AIM AT LEAST FOR THE NEAREST 4TH NOVEMBER MINIATURE SWING HIGH OF 8118 SPOT.
WITH THE 8 YEAR BEAR MARKET CYCLE STARTING FROM EARLY 2016, 80% OF THE QUARTERLY RESULTS BEING BELOW EXPECTATION, FED HINTING AT STARTING THE RATE HIKE SUGGEST ONE TO USE EVERY RISE TO LIQUIDATE THE INVESTMENT POSITION IN EQUITIES & ALL EQUITY LINKED SAVING SCHEMES. AT THIS MOMENT INVESTMENT IN LAND, GOLD & EVEN FD WILL GIVE BETTER INCOME THAN EQUITIES OR ITS ASSOCIATED SAVING SCHEMES. NDA LOSING BIHAR ELECTIONS WILL ACCELERATE THE FALL IN NIFTY & IN CASE NDA WINS BIHAR ELECTIONS THEN THE FALL IN STOCK MARKETS MAY BE DELAYED TILL END OF DIWALI WEEK TO RESUME THE FALL FROM NEXT WEEK STARTING FROM 16TH NOVEMBER.
DURING LAST 10 TRADING DAYS FROM 26TH OCTOBER CRITICAL SWING HIGH OF 8338, NIFTY HAS FORMED NINE RED CANDLE DAYS & ONLY ONE MISERABLY SHAPED 7TH NRB GREEN DOJI CANDLE OF 27TH OCTOBER. THESE ARE STRONG BEARISH SIGNALS BUT IT ALSO CLEARS THE PATH FOR SOME RETRACEMENT RISE BEFORE ANOTHER BIG SLIDE. MAY BE NDA WINNING THE BIHAR ELECTIONS ON SUNDAY 8TH NOVEMBER COULD TRIGGER THE ANTICIPATED RISE FOR THE DIWALI WEEK ENDING 13TH NOVEMBER.
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Cash positional trades:
Look for opportunities to buy on morepen labs and trigyn tech, Once can target 10-20%+ this week
Stock futures:
Short Sun pharma on every rise ( approaching neck line on weekly head and shoulder pattern )
AT THE BEST ONE CAN EXPECT A BOUNCE DURING THE TRUNCATED DIWALI WEEK WITH TRADING HOLIDAYS ON 11TH & 12TH NOVEMBER . SEASONED TRADERS WILL MAKE BEST USE OF THIS DEAD CAT BOUNCE IF AT ALL IT COMES, TO ADD TO THEIR HEFTY SORT POSITIONS IN FUTURES & BUY MORE OF PUTS TO SEE FURTHER FALLS AFTER THE TRUNCATED DIWALI WEEK IS OVER. A DECISIVE BREACH & CLOSE FOR A DAY OR TWO ABOVE SPOT NIFTY LEVEL OF 8118 CAN SHIFT THE BIAS TOWARDS SOME MORE HIGHER LEVELS. AS LONG AS SPOT NIFTY REMAINS BELOW OCTOBER MONTH SWING HIGH OF 8338, EVERY RISE FOR A DAY OR TWO IS A SHORTING OPPORTUNITY.
THE DEADLY WEEKLY BEARISH ENGULFING CANDLE OF WEEKENDING 30TH OCTOBER & THEN IN THE DAILY CHARTS, THE BEARISH ENGULFING OF WEDNESDAY 4TH NOVEMBER THREATENS FURTHER FALLS ONCE THE SUPPORT LINE AROUND FRIDAY’S LOWS OF 7926 IS DECISIVELY BREACHED ON A CLOSING BASIS. HOWEVER BEFORE THAT HAPPENS ONE MAY EXPECT A DEAD CAT BOUNCE DURING THE TRUNCATED DIWALI WEEK ENDING 13TH NOVEMBER.(BULLS MUST BE PRAYING FOR A NDA VICTORY IN BIHAR ELECTION TO BE ANNOUNCED ON SUNDAY 8TH NOVEMBER)
THE DAILY CANDLE OF FRIDAY 6TH NOVEMBER WAS A PERFECT DOJI AROUND THE SUPPORT LINE AND ALSO ON THE 50% RETRACEMENT LEVELS AROUND 7939 COUNTED FROM THE LOW OF 7540 & OCTOBER SWING HIGH OF 8338 WHICH MAY SEE SOME RISE SHOULD BJP WIN THE BIHAR ELECTIONS. IF BJP LOSES BIHAR ELECTIONS THEN EXPECT A GAP DOWN OPENING ON MONDAY BELOW THIS SUPPORT LINE FOR LOWER LEVELS TO TEST THE FIBS 61.8% RETRACEMENT LEVEL OF 7844 SPOT AND THIS SUPPORT LINE AROUND 7950 SPOT BECOMING A RESISTANCE LINE TO DEFLECT EVERY RETRACEMENT RISE .
50 DAY SMA AROUND 7990 TO 800 SPOT LEVELS WILL ADD ITS QUOTA OF MISERY FOR THE DEPLETED BULLS WHO ALWAYS WILL BE LOOKING HEAVENWARDS TO PRAY FOR DOW OPERATORS OR SGX NIFTY MANIPULATORS TO LIFT NIFTY HEAVENWARDS AT LEAST FOR THIS AUSPICIOUS DIWALI WEEK SHOULD NDA LOSE THE BIHAR ELECTIONS. A DECISIVE CLOSE BELOW FRIDAY 6TH NOVEMBER PERFECT DOJI LOW OF 7926 SPOT WILL STRAIGHT AIM FOR 61.8% LEVEL OF 7844 FOLLOWED BY 29TH SEPTEMBER SWING LOW OF 7691 TOWARDS MUCH BIGGER FALLS MUCH BELOW 8TH SEPTEMBER SWING LOW OF 7540 BEFORE END OF THIS YEAR. HOWEVER A DECISIVE CLOSE ABOVE 6TH NOVEMBER DOJI HIGH OF 8003 SPOT WILL GENERATE A FALSE HOPE THAT THE SUPPORT LINE IS HELD BY NIFTY & NIFTY WILL RISE FURTHER BYPASSING THE 50 DAY SMA AROUND 8000 LEVELS TO AIM AT LEAST FOR THE NEAREST 4TH NOVEMBER MINIATURE SWING HIGH OF 8118 SPOT.
WITH THE 8 YEAR BEAR MARKET CYCLE STARTING FROM EARLY 2016, 80% OF THE QUARTERLY RESULTS BEING BELOW EXPECTATION, FED HINTING AT STARTING THE RATE HIKE SUGGEST ONE TO USE EVERY RISE TO LIQUIDATE THE INVESTMENT POSITION IN EQUITIES & ALL EQUITY LINKED SAVING SCHEMES. AT THIS MOMENT INVESTMENT IN LAND, GOLD & EVEN FD WILL GIVE BETTER INCOME THAN EQUITIES OR ITS ASSOCIATED SAVING SCHEMES. NDA LOSING BIHAR ELECTIONS WILL ACCELERATE THE FALL IN NIFTY & IN CASE NDA WINS BIHAR ELECTIONS THEN THE FALL IN STOCK MARKETS MAY BE DELAYED TILL END OF DIWALI WEEK TO RESUME THE FALL FROM NEXT WEEK STARTING FROM 16TH NOVEMBER.
DURING LAST 10 TRADING DAYS FROM 26TH OCTOBER CRITICAL SWING HIGH OF 8338, NIFTY HAS FORMED NINE RED CANDLE DAYS & ONLY ONE MISERABLY SHAPED 7TH NRB GREEN DOJI CANDLE OF 27TH OCTOBER. THESE ARE STRONG BEARISH SIGNALS BUT IT ALSO CLEARS THE PATH FOR SOME RETRACEMENT RISE BEFORE ANOTHER BIG SLIDE. MAY BE NDA WINNING THE BIHAR ELECTIONS ON SUNDAY 8TH NOVEMBER COULD TRIGGER THE ANTICIPATED RISE FOR THE DIWALI WEEK ENDING 13TH NOVEMBER.
----------------------------------
Cash positional trades:
Look for opportunities to buy on morepen labs and trigyn tech, Once can target 10-20%+ this week
Stock futures:
Short Sun pharma on every rise ( approaching neck line on weekly head and shoulder pattern )
Government aims to increase surplus at ports by Rs 150 cr
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