Nifty respected the level of 8737 which was Posted very well in advance and Nifty achieved its target of 8434.And not even this Nifty gave a weekly close exactly @ Gann level of 8434.
On Thursday ( 03rdNov2016) Nifty gave a significant close below 8510 and as it was posted that a close below 8510 will open the doors for downwards, and the very next day Nifty rewarded us with 100+ points in short side.
We are heading towards an important & major support zone and we may witness a very sharp rally of around 500-600 points. As in the coming week US Election are awaiting, so it would be better to trade less with very very strict SLs. I would not recommend any new shorts, rather look for support zone to make fresh positional longs.
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Major support levels are 8365-8330,8294- 8273-8255, 8128, 8070.
Major resistance levels are 8504, 8600, 8710-8737, 8831, 8952.
BankNifty may take support in the zone of 18950-18820.
On Thursday ( 03rdNov2016) Nifty gave a significant close below 8510 and as it was posted that a close below 8510 will open the doors for downwards, and the very next day Nifty rewarded us with 100+ points in short side.
We are heading towards an important & major support zone and we may witness a very sharp rally of around 500-600 points. As in the coming week US Election are awaiting, so it would be better to trade less with very very strict SLs. I would not recommend any new shorts, rather look for support zone to make fresh positional longs.
.
Major support levels are 8365-8330,8294- 8273-8255, 8128, 8070.
Major resistance levels are 8504, 8600, 8710-8737, 8831, 8952.
BankNifty may take support in the zone of 18950-18820.
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