And Today's of maintanence nifty above 3200 and it is the 2nd attempt to save nifty above 3200. Clear sell signal if nifty closes below 3200.
Inference from Weekly Charts
As per Weekly Charts of Nifty Downside is limited to 3050-3100
Even if there is a fall then the amount of incurred fall is limited.
So good to grab stocks within this limits. And Resistance for weekly charts at 3980 region where exactly the 200day Weekly EMA is coming…. would act as a long term resistance.
But we had already tested downside trendline twice… So if we are to test the
upside trendline it will take alteast 4-6 weeks to achieve the target of 3980
and ofcourse the timeframe comes near mid of November. So concentrating on november or december 3800 or 4000 option may pay you heavily which are currenlty trading at cheaper prices.
And there is a possibility of october calls may end worthless As the result reason is facing hard emotions there is a possibility that every upside may be counter attacked with subsequent sell off. So Every Subsequent sell off should be consider sportively to accumulate your long with stoploss near 3050-3100 range.
Best Buy : 3100-3200
If everything is correct then possibly a bullish hammer or a Bullish Candlestick will be formed in next week Candle in nifty weekly charts.Iam expecting one more panic selling to get into the longs as the sco value is still above 5.
14th OCT : 64
15th OCT : 23
16th OCT : 15
If SCO closes below 5 then good to initiate longs and if closes above 95
then huge change of nifty to come down in next 2 days
Author – Marketcalls