AAKASHAYA PATRA WEEKL1Y MARKET OVERVIEW: 18.10.2020

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Last week I said "12000-12050 could be act as speed breaker for short term, Any dips near 11660 will had be buying opportunity." The Nifty has made low of 11661 on Thursday and it was bounced from that level. I believe from today festive session has start that leads to consumer spending which will support sentiments of economy and market. On technical chart point of view, big red candle on daily chart indicates weakness however as per technical analysis theory any trend reversal pattern has need confirmation. But the follow-up bearish signal was missing on Friday. So I believe Nifty will continue it’s up move for 12200-12500 in near term. On down-side 11660-11600 zone would act as strong support zone. 11950-12050 would act as resistance for next week. On option point of view, Nifty 11700 and 11800 put option indicating short build up. It means that short term trader are expecting bullish move on market. While Nifty 12000 call has highest open interest positions means 12000-12050 will acts as resistance. On bank nifty, the bank nifty has consolidates at 200 EMA on daily chart. Last week I said that "for new trade, they should wait for either correction or break-out. On downside 23200- 22700 would act as support zone" and bank nifty bounced from 22995 level. My buy trade is triggered, I think bank nifty will test it resistance 24400-24600 level in near term. With keep in mind all above data, I believe small corrections are important for healthy up move.my view on market is bullies and I believe Nifty can test 12200-12500 level in near term. Hence recommend to buy Nifty with stop loss below 11550 with target of 12200-12500 in coming days.

 

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