Diwali Target
Last week Nifty range was so limited and had some wide swings through out the week. But Friday close sound's to be a trap for Bear's. Result season and Election holiday ahead this week and lot of buildup in Puts and Shorts happened during closing hours on friday. But still Nifty manages a close above 4900. This will be the important trend deciding point.
Small traders should be careful at this point and 5200 levels are possible before Lakshmi Pooja. Moving average's suggest for a negative trend but operators may think opposite so that weak hands may be left aside. After Lakshmi Pooja our market will take one way move.
US Dow is heading for a target of 10227. From there i expect a major correction in all world markets. May be i can go entirely wrong but possibility is not ruled out.
Nifty Spot levels for this week:
4889 - 4920 - 4974 - 5047 - 5090 - 5137 - 5166 - 5224
Open call:
Longs on Nifty can be initiated with a very strict stop loss @ 4907 and it can be converted to positional if Nifty spot closes above 4974 on monday for a target of 5166.
Small traders should be careful at this point and 5200 levels are possible before Lakshmi Pooja. Moving average's suggest for a negative trend but operators may think opposite so that weak hands may be left aside. After Lakshmi Pooja our market will take one way move.
US Dow is heading for a target of 10227. From there i expect a major correction in all world markets. May be i can go entirely wrong but possibility is not ruled out.
Nifty Spot levels for this week:
4889 - 4920 - 4974 - 5047 - 5090 - 5137 - 5166 - 5224
Open call:
Longs on Nifty can be initiated with a very strict stop loss @ 4907 and it can be converted to positional if Nifty spot closes above 4974 on monday for a target of 5166.
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