Last week below 11600, Nifty made the low around 11490, near to our 2nd weekly target. The Index ended the week with 78 points loss.
In the previous week, we also discussed Nifty is approaching the critical fixed time cycle period. The effect of that unique Time Cycle was seen, as after reaching just above 11700 Index corrected almost 200 points.
Nifty Hourly Chart
As per the Nifty hourly chart, Bulls need to trade above 11720 for the up move towards 11780/11870.
On the other hand, Bears will get more strong below 11580 levels for the move towards 11520/11430 levels.
Nifty Daily Chart
As per the previous week’s discussion, Bulls need to close above 11675-11700 Gann Resistance Zone for keeping the upside momentum in their favor, whereas the Bears will get the chance below 11530 for the move towards 11460/11350 levels.
Nifty bulls failed to give any EOD close above 11675-11700 Gann Resistance Zone. As the result of it, Bears took charge and broke below 11530.
Now in the coming week, Bulls need to trade above 11677 for getting the strength back for an upside move, whereas the Bears will get the chance below 11520 for the step towards 11460/11350 levels.
Nifty Weekly Chart
Nifty Weekly Forecast 29 Oct-01 Nov
Last week in this section of Nifty Weekly Forecast, we discussed. Nifty bulls managed to get close a weekly close 11580. So we can see more upper levels in the coming weeks. The Support on the weekly chart now has shifted at 11330 any close below that will add short term bearishness.
Nifty Index made the new three months high in previous week. We may see more upper levels in the coming days as weekly charts are moving in a specific set of vibrations.
On the lower end, Support is still around 11330 below that only we may see short bearishness in the markets.
In the forthcoming week, 29 Oct & 01 Nov are the critical dates.
Nifty Weekly Trading Levels
Next week 11685 will act as Resistance above which move towards 11740/11810/11940 can seen.
While Support is likely to come at, 11540 below that move towards 11485/11415/11285 can be seen.
Note: Above mention price projection & other Information are for educational purpose only.
