NIFTY TREND

Nifty has come out of the congestion zone.  The target of 11840-50 is almost achieved yesterday. That was my weekly target.  

Now the question arises, what will happen during the next 3 sessions? Will there be a fall?

The answer to the query is simple with a big NO.

The week kicked off with gap up opening.  Secondly nifty has entered in to buy level 11628 and not made day low below this number on the first day of expiry week. Last but not the least, it has closed above 11771.90 which was the low recorded on 8th July 2019, the first day of fall after budget presentation.  It has closed above 11694, being the high recorded on 23rd September 2019, where the corporate tax cut has been celebrated.

Both the numbers have been crossed yesterday and I now leave it to readers to judge the nifty position.

Now a close above 11798 is required which has not happened yesterday, there by making nifty range bound during the next 2 sessions.  A daily close above this takes nifty near 11980. If nifty is not able to close above 11980 in this week, then it may take 10-12 sessions in November to cross this. But there is nothing negative about market nor about global cues. It is going to be a range bound session before heading for a meaningful bounce above previous high.

Nifty need not have to behave like what I have written above, but I find some more consolidation at this level.

Before I judge Nifty, I carefully read all the numbers and leave no ambiguity while concluding. I am neither a bear nor a bull. 

Range for the day :Nifty  11660-11860.  BN 29600-30100.  

Good Day!