Markets around the world in last 24 hours are struggling for sanity. As I mentioned in my previous post about the dominance of high frequency Time cycles which are making markets nervous. Specially in the second half of October. So far we are witnessing strong move on both sides but the thing which lacks is the sustained follow through in any particular direction.
If we analyse NIFTY components only 2 stocks are in bearish cycles. Else all stocks are cooling off after achieving their pattern targets. So Majority of NIFTY components are in zone of profit booking after a outstanding month of gains and before the outcome of Elections in US same going on in US aswell. Personally dont expect any dramatic fall or rise until market gets clarity from the Election Results.
As far as levels are concerned NIFTY is trading in defined range since 9 trading sessions. Earlier I gave target of 12160 which is still pending but would take some time to achieve. Because undertone of market is still positive. Downside is possible upto 11640 and 11520 in all circumstances 11500 should be protected atleast till 2nd week of November. A door of severe fall opens up only below 11500 on spot. Until it holds things are under control
Disclaimer views expressed above are personal. And are Subject to change with time. Any Trades taken with reference to above Analysis has to be at your own risk. Trading in Financial markets is always subject to risk. So dont forget to consult your Financial advisor before taking any trades.
gann,insides 