Intresting week for Markets. The week in which several questions would be answered and Financial Markets would have a greater clarity on political front in UNITED STATES. Because US is the mother market so it has to be closely watched specially around the presidential elections. This is the most important week for US Markets for this calender year. Once this event gets away Markets would be back to their basics.
Last week the markets in US were down around 5% and are up for a toss now. NIFTY so far has been resilient during the selloff in US. Firstly let understand the important levels on DOW and SPX. According to its pattern DOW has to break the zone of 27300 to 27500 for breakout until the targets of 28900 and 29800 directionally. If it fails to cross the zone of 27300 to 27500 it could test the levels of 24900 and 23600 in this month. For SPX the pattern is neutral still to gain strength it has to trade above 3400 to retest 3525 and the all time high of 3588. Still trading above 3636 is tough for it. If it manages to do so then 10% rally would be on offer for investors. A correction would continue as long as it stays below 3400 until the levels of 3130 and 3011. Note the higher degree breakdown would happen only below 2980 severe fall is expected below this level. NASDAQ is the strongest off all indices but still to neutralise the pattern it has to sustain above 11300. The level which should be referred for reference of strength and weekness.
Important levels to consider for NIFTY is 11800 on spot. Lot will depend on 11800 if it breaks then upside continues till 11960 and 12160 on spot positionally. But as I mentioned on Friday as well the key support is at 11470 for this cycle. A break below 11470 opens downside till 11350, 11216 and 11070 onn spot positionally. Any fall should be utilized for fresh purchases for investments. Because it’s only the matter of Time for NIFTY to test the highs of January. So a fall of 500 to 600 points from current levels doesn’t changes the over all texture of market for investors. For Traders the opportunities lies in mid caps for November specially the pockets of cement and consumption outside of NIFTY.
Coming to Time Cycle dates of November. Which comes on 2nd of Nov 4th of Nov 11th of Nov 20th of Nov 23rd of Nov and 30th of Nov 2020. All these dates are Natural Time Cycle Dates applicable on all Financial Markets. Specific time cycle dates would differ from these dates because they are calculated differently. All the mentioned dates are important but 3 dates are special dates which are 4th 20th and 23rd Nov because a dimensional vibration would be created on these dates.
Gann Price Time Analysis uses the principals of the Law of Vibration discovered by W D Gann. Hens the views published above should be considered forr educational purposes. Any trading positions taken with above reference has to be consulted with your Financial Advisor. Or after getting the basic idea of Gann Theory. Dont enter any trade without a proper strategy. Because majority off traders enter trade without any plan and management.
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