You must read previous articles and watch the given chart carefully to
understand this article completely.
Analysis 24 November 2017: -
On 23 November 2017: FII Net Bought – 73.22 INR Crs: DII Net Bought – INR – 222.21 Crs
So far, form a bounce of 10100 levels we are witnessing meaningful resistance
at 10400 levels. I am advising a strong caution at these levels. Unless it goes
above 10400 we may fail to see momentum at higher side. We may see a possible signal
of weakness form higher levels very sooner. If it does not come then I will
prefer to avoid trades.
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 on flat note. Afterwards
it will face resistance again in the zone of 10350 to 10400 levels. We may see first
signal of weakness if Nifty can sustain below 10300 levels. It may be a dead
session if it fails to fall.
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 have nothing great to add. One must avoid adding long at these
levels as it is a zone of resistance. Yesterday’s low of 10300 may be the clear
zone of support. Below which it will give a fresh signal trade on short side.
BANK NIFTY November future –
I am not active on this index since stimulus. In my view it is not going in the
expected way although it is up. It is giving signs of tiredness which may be an
early indication of weakness. There are many banking which is not in parallel
with this index. 25800-26000 is a zone of resistance and it may fail to see a
crossover.
