First & Foremost: 19 OCTOBER 2017 (Diwali Muhurat Trading 2017)
Second: 26 OCTOBER 2017 (October Expiry Day)
Third: 6 November 2017 (Nifty made Fresh all time high at 10490.45)
Now, it is time to understand the following Images,
On 31st OCTOBER 2017 (after market hours), ROCKET paid clients were informed that Nifty has 10500 level as Strong Resistance.
Though it was not 100% sure shot but well calculated at that point in time. And secondly, we believed that it is much better knowing the upper limits in advance then nothing.
Likewise, another message was sent to paid clients on 8th November 2017 (just before closing) that Nifty remains bearish only but no fresh trading is to be done at current levels. And now it perfectly turn out to be an accurate view, too, because market has had done nothing thereafter, except few stocks flying or falling all of sudden.
Expectation for Next Week & thereafter:
We are keeping our eyes wide open for Fresh Formation in anyone or all to confirm Nifty’s next possible up or down trend confirmation.
No doubts that Nifty bulls are safe as long as,
~ HANGSENG: holding above 29000 Closing basis, Friday Closing (10 November) 29120
~ USDINR: Holding below 65.50 Closing basis
~ GOLD: Remain in range of 29250 to 29750 closing basis
ROCKET Paid clients will receive “advance” confirmation when,
~ HANGSENG: coming in Short Sell mode, which means Global Equity Sell-off.
~ USDINR: is coming in Buying mode, which means Indian Macros are threaten again
~ GOLD: coming in buying mode means rising of Inflation and/or Geo-political Tension
Positive & Bullish Possibilities:
It is not we were never in BUY, rather were first to give NIFTY buy TGT 10300 To 10500 on 4 OCTOBER 2017 at 9925 levels, with 9700 Spot Index Closing basis Stop-Loss. We kept 9800 below averaging option open also.
1st Message was sent after Pre-Opening, and 2nd Confirmation message was sent before closing to both Paid & Trial Clients.
Therefore, we are quite open to idea of giving Buy in NIFTY but only below 10200 because there are chances that 10200 could be new “9700 styled strong Support” as we saw during August & September 2017 expiry, which can provide market triggers to hit Fresh target on Nifty in range of 10700 to 10900.
But again, need confirmation of Bullish Set-Up and ideal conditions for that BUY entry.
In short, we are open for both side Trades, provided market gives confirmation.
As of now, our view remains Bearish and expected Nifty trading range is 10200 to 10500.
In other words, we are waiting Market to either give closing below 10200 or above 10500 to initiate directional trade. In all cases, final confirmation is must from ROCKET.
Until then expect Market to trade with choppiness and in volatile fashion.
We mostly follow Spot Index and Cash levels for all Positional Swing Trading Analysis.
Thanks for Reading.
Get in touch with us at,
~ WhatsApp Number: 09900330558
~ E-Mail ID: Rocket@RocketTrades.com
For any more details, doubt, feedback please Speak with Nilesh Jain on 09900330558