Nifty - Pre Deepavali Week

2022年10月15日

Is Nifty headed to 17500 or 16900? We will know this week.

For now a little less objective guidance only, will provide more objective updates once the market opens next week.

Marked the Zones in the chart.

I'm trying to play safe with a large grey zone (16940-17422), although it's practically useless. I suggest to not have a strong bias as long as Nifty stays inside this zone. It's better to book small profits, and safeguard the capital.

Go

• Bearish if a major candle closes below 16940 (preferably 2 Hr).
  
• Bullish if a major candle closes above 17422 (preferably 2 Hr)
  

SGX Nifty suggests a gap down opening. Trade for small profits until 11:15 AM.
My guess is that the weekly candle will remain green until weekly expiry, but turn red on Friday - we shall see.

Good luck!

These are my views and not a recommendation. Trade as per your judgement, and keep a stop loss.

More updates to follow.

2022年10月16日

註釋

Something like this may happen on Monday

* Gap down opening around 17050, with 17065-17075 levels acting as resistance for the day.
* In the first 2 hours, fall below 16950 to take support at 16870-16880 and bounce back towards 16940-16950
* first 2 hour candle closes below 16940.
* Nifty then tries to break 16980-16996 resistance(a fake move), and trends down

For the week, nifty will move below the recent low of 16748.

The above steps, you should view as a guess/gut feel.