NIFTY today has tested the important resistance zone of 12950 to 12970 on spot. Also we have a Gann date today so todays low becomes very critical on closing basis for the strong trend to continue. As I suggested to have a bearish view below 12600 for conservative traders in my post of previous week that level now has moved up to 12700 on spot. I earlier also posted my concerns regarding the length of this cycle which has completed its course. Still those concerns remains. But the markets had enjoyed heavy volumes since last 3 weeks. And that’s the only factor which is favourable soon volumes would also decrease gradually possibly till next week.. so we would find it tough to sustain higher. Personally not intrested on long side even we test 13100 or 13250 would look to enter longs above next monthly breakout angle of 13300 for another 7% rally from there. Till then would remain stock specific.

ACC today achieved the first target of 1745 on spot. Was always a strong stock to trade. View posted on 6th of NOVEMBER 2020

DABUR is at a critical point currently struggling to decide its path forward but cycle suggesting a deeper selloff below 488 till 458 and 426 on spot Directionally. Would watch closely

ADANI ENTERPRISE have strong support in the zone of 358 to 368 which once breaks can drag prices till 335 and 304 on spot Directionally. Current uptrend would end below 358 A frenzy stock to trade.

NIFTY finally broke the cycle of constant upsides today. But considering it a larger trend reversal is bit too early. Since the start of this month NIFTY has come the long way from 11557 to 12963 so far. So last 18 days are extraordinary for all participant’s. We too as Gann Traders had made good amount of profits on our deals during this rally. But the real test of all traders and their skills lies ahead of us.

Because when market breaks its rhythm it enters the most complicated phase for Traders. Earlier I expected NIFTY to make a shortterm top around 12850 but it went pass above it so the stoploss was moved higher and was trailed up again above 12950. After todays decline we are out of all longs.. and entered DECEMBER puts. But conservative traders should wait till 12600 breaks for any short trades. Because markets would attempt to move higher on any upsides 12950 to 12970 would remain a critical zone for next week.

Markets would approach 2 important dates in both upcoming 2 trading sessions so be prepared for voletility ahead.

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.

On Tuesday I gave 12580 as trailing SL for target of 12950. Now when 12950 is achieved Trailing SL has now moved up to 12750 on spot. Market is scaling new highs with consistency vibrations positive as long as 12750 is held. Need to keep it simple.

Festival greetings to all my readers. Market too has enjoyed this festival season. Last 15 days has been very joyful for all investors and traders.

As far as current setup of NIFTY is considered I already mentioned 12850 is a key going ahead. Saturdays Muhurat trading gave lot of comfort and clarity about the Trailing SL which ultimately stands at 12580 on spot for now. As long as 12580 is held no need to complicate things current trend is up and it would remain up until 12580 stop is protected. Cycle levels on upside are 12950 and 13100 expect a good correction once 12580 breaks.

Wednesday and Friday important days for this week. Keeping this post very short. Wont be more active for this week.

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.

NIFTY has to fullfill 2 criteria to move further ahead on upside. 1 it has to close above the high of wednesday. 2 It has to cross the topout zone of 12800 to 12850 convincingly to enter another upwards rally. Since we had the high on wednesday we had not tested it so far. Because as per rule of tops and bottoms we were close to a top at the high of 12768 crossing that would be the challenge going ahead. The exact number of top is in between 12800 to 12850 on spot. Avoid chasing upsides until it gets away. Price would turn more week below 12570. Big move on either side.

BHARTI AIRTEL is testing 600 in next couple of months. But in short term has to move above 495 to test 524 and 560 on spot Directionally.

On 4th of Nov I mentioned the importance of BANKING space as the key to all time highs. I also posted cycle levels on 3 Banking stock’s of ICICI BANK AXIS BANK and KOTAK MAHINDRA BANK all these stock’s has achieved their Targets.