Mar­ket is ‘short on rise’

Money Times - - Market Outlook - By Ro­han Nalavade

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.

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