Nifty Weekly Review
The Nifty closed the week with a loss of 82 points as compared to the gain of 244 points in the week previous to that. During the week, the Nifty met resistance at 5150 levels and found support at 5000 levels. Also there were multiple gap up and gap down openings during the week. The volatility was high yet range bound, with no clear trend being set. Also the overall medium term down trend has not broken on the weekly charts.
On the weekly charts, there is still some resistance seen at 5180 5220 zone, which if crossed, can take the Nifty to 5320. However, any break of the 5100 levels now, can take down the Nifty to 4900 and below that to 4750 again.
The next week involves expiry of the current series and a truncated trading week.
With the Nifty in undecided zone, we will be avoiding to take any positions during this short trading sessions, and would try to focus on enjoying the Diwali festivals instead.
Having said that, we would not be averse to taking some "Quick in Quick out" type of trades, using the implied volatility to our favour. So bad, we cannot pre plan these moves.
Happy Diwali to all our readers and followers !!!
For cash market recommendations see our Daily Pre Market calls on NSE
The Nifty closed the week with a loss of 82 points as compared to the gain of 244 points in the week previous to that. During the week, the Nifty met resistance at 5150 levels and found support at 5000 levels. Also there were multiple gap up and gap down openings during the week. The volatility was high yet range bound, with no clear trend being set. Also the overall medium term down trend has not broken on the weekly charts.
On the weekly charts, there is still some resistance seen at 5180 5220 zone, which if crossed, can take the Nifty to 5320. However, any break of the 5100 levels now, can take down the Nifty to 4900 and below that to 4750 again.
The next week involves expiry of the current series and a truncated trading week.
With the Nifty in undecided zone, we will be avoiding to take any positions during this short trading sessions, and would try to focus on enjoying the Diwali festivals instead.
Having said that, we would not be averse to taking some "Quick in Quick out" type of trades, using the implied volatility to our favour. So bad, we cannot pre plan these moves.
Happy Diwali to all our readers and followers !!!
For cash market recommendations see our Daily Pre Market calls on NSE
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