Market is ‘short on rise’
As rightly forecasted in our previous edition, the markets remained weak below 10400 last week and tested the lows of 10200-10100-10000. Global markets also look weak. Hence, the Indian markets may continue to remain weak for some time on the back of weak global and domestic cues. 10130-10150 are important resistance levels now. The Nifty will not show strength unless it closes above this range. On breaching the range, the Nifty could test 10000-9900-9800 levels. So be cautious and trade in small quantities. Accumulate quality stocks on dips to build a good portfolio for 6-12 months. Technically, the weekly low level has been broken and the daily candle is making a lower high and lower low. Therefore, the overall trend is slanting downwards.
Gold is being considered as the safe haven given the weak sentiment in the equity markets world over. Crude oil prices, which are stable at $65-66 now, will have a negative impact on the Indian markets if they rise further. Among stocks,
State Bank of India looks weak below Rs.252 for a target of Rs.240 (SL: Rs.257) Bank of Baroda looks weak below Rs.101 for a target of Rs.96-93 (SL: Rs.105) ICICI Bank looks weak below Rs.317 for a target of Rs.312-309 (SL: Rs.323)
Learn intraday and positional W.D. Gann trading techniques in stocks and Nifty in our upcoming session on Saturday, 3 November 2018. To know more, please contact us on 9769212176 and book your seats.