Nifty closed for the day at 10363 up 0.4% while Bank Nifty closed at 24988 up by 0.6%. What’s your view for tomorrow?
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Not Trading Nowadays.
Took Break for sometime from Trading.
Just Chilling Nowadays.
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My view is same as yesterday —On daily chart Nifty reaching overbought region, resistance being 10376, support seems to be 10200,
Bank nifty seems to be in a Range , Bank nifty needs to be close above 24900 & 25200 consistently on closing basis. On Bank nifty weekly chart, a rare " Double bottom " formation on momentum indicator is encouraging one.,only change is HDFC Bank turned positive these are chart observations not recommendations
It does seem 10375 is a tough resistance point. Today was a good day, decent bull run. Although the pattern formed is a spinning top in an uptrend and that is normally a bearish pattern, however, in a strong bull market such as this, I doubt if it will have any effect. Throughout the day the Nifty oscillated up and down, started at the top came down.
As I have indicated here, 10365 seems to be the support/resistance for tomorrow, depending on whether its a gapup or a gap down opening.
India VIX is up 5.X % that usually coincides with a sharp fall in the market. PCR for Nov series is 1.22, so still a bit of upside left I guess but it is no strong indicator of either up or downside. SGX Nifty is also trading down.
Most of the market participants are bearish. So keeping all that in mind I’d say it will be bearish.
@Bhuvan Bank Nifty looks good on daily chart and if its crossed and closed above 25100 then it will very good for Bull and we can see new life high’s in Bank Nifty and if its Breakdown below 24800 then it will turned Bearish again. Tomorrow monthly closing is very important.
Nifty is in overbought zone and need some correction so avoiding trading in nifty for some days. still tomorrow It 'll be good for bulls if it closed above 10350.
@Bhuvan Bank Nifty is at New Life High’s up 500 points from 25000 enjoy. And there is more to come till 6t Nov.