You must read previous articles and watch the given chart carefully to
understand this article completely.
Analysis 21 November 2017: -
On 20 November 2017: FII Net Sold – 358.74 INR Crs: DII Net Bought – INR – 613.00 Crs
After bounce from 10100 levels, I am advocating to restrict the buy
trade again near the resistance 10350-10400 levels. This market may not do
anything great on upside. It is bound to be restricted. I am still firm that
sooner or later correction of magnitude 400-500 points may hit. Well, I still
cannot quote for timing. So far, market is about to be side line if it prefer
to stay above 10300 levels.
Nifty has all- time high at 10490 which was just short of 10500 levels.
This may prove to be top the top but significant signals has yet to come.
For today’s trading session, Nifty is likely to open strong to
positive note backed by strong global cues. I am suggesting that if market
opens around 10350 levels then do not prefer to trade as misguiding signals may
emerge. This is certainly not going to be buying above 10350 as we may see continuous
resistance emerging at higher side.
I am not going to be greatly bullish anymore as I was bullish from
9000 and now I am expecting side wise to correction time. It hardly matters if
this magnitude goes 1400 points exactly or goes as 1300 points or 1600 points.
Call was bullish above 9000 and so far it is pity successful.
Strategy for Nifty November
future – I took one long trade and now I am out of it. I am not going to
touch it again from higher levels. It may have a logical resistance at 10360-10400
levels. This zone may not take out easily by Nifty. If a correction has to hit
again then what can be better levels than 10400 from higher side.
BANK NIFTY November future –
It is giving another feeling of breakout and in fact saving blue-chip index at
higher levels. 26000 is going to be psychological resistance and this may be another
tougher levels to cross. Technically, this index is still looking stronger but
money flow and risk-reward ratio is not suggesting a trade from this levels. Just
stay away from long. It may pinch you for some time but this is what technical charts
are suggesting.
