The NIFTY has taken support near the indicated level of 4755 and has risen today (30-Oct) on the back of a 200 point jump in DOW JONES.... For the next few trading sessions consider 4730 as the support level and a break below this should now lead to a speedy fall towards sub 4450 levels .. The ADX indicatoris indicative of this.
Upmoves should now face resistance at 4865 and 4910 levels where aggressive traders can start building short positions ...
Expect increase in volatility in the coming week...
Happy trading !
CA Rajiv D Khatlawala
ValueTrade Academy Pvt Ltd.
2 comments:
Rajiv, excellent analysis...now 4730 also taken out convincingly...i guess we probably are headed to your sub 4400 target...
Btw, please have a look at gold charts again and suggest whether we should still hold our longs that we created at 16030 level with a stop of 15500?
Thanks Rishi, .... and as for Gold, considering the stagnant prices in Indian as well as world market, I presume one should hold long and increase stoploss to 15700... A break beyond recent high is needed and till then it is a waiting game!
Patience no doubt is a virtue!
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