Nifty Short Term View 1st November - Bottom or just a Pullback ?
Today Nifty futures gave a superb pullback & closed almost 1.65 % up in positive. The candle on the daily chart looks encouraging, but apart from the candle there is much more to it.
Trend of Nifty future is now flat in daily as well as hourly chart. Today ,s pullback was unexpected & it did surprise everyone. Almost all of the important sectoral indices closed in green territory, realty & metal pack were the outperformers. There is a trend line breakout visible in hourly chart of Nifty future this is a positive sign but there is a dual resistance zone at higher levels. 1st immediate resistance band is between 18029 to 18092 & 2nd resistance band is between 18140 to 18190. No doubt today,s close is a glimmer of hope for the bulls although just 1 day pullback wont be much useful. A meaningful rally will only be seen if Nifty future closes above 18190 level. Be careful in choosing your stocks for trading as it can happen that within an entire sectoral index only couple of stocks may show strength.
Trade Less Trade Wisely !!
Trend of Nifty future is now flat in daily as well as hourly chart. Today ,s pullback was unexpected & it did surprise everyone. Almost all of the important sectoral indices closed in green territory, realty & metal pack were the outperformers. There is a trend line breakout visible in hourly chart of Nifty future this is a positive sign but there is a dual resistance zone at higher levels. 1st immediate resistance band is between 18029 to 18092 & 2nd resistance band is between 18140 to 18190. No doubt today,s close is a glimmer of hope for the bulls although just 1 day pullback wont be much useful. A meaningful rally will only be seen if Nifty future closes above 18190 level. Be careful in choosing your stocks for trading as it can happen that within an entire sectoral index only couple of stocks may show strength.
Trade Less Trade Wisely !!