Nifty: Daily, Weekly and Oct Monthly Analysis. 03 Nov 2017

Combined Chart Nifty : Daily, Weekly, Monthly



Chart on the left side is the monthly chart along with the Fib extension for targets. The top right corner is Daily Chart. The bottom right is Weekly Chart. Now the analysis follows.

Daily Analysis

  • Refer the top right chart for the daily candle.
  • The Friday candle has formed a near perfect hanging man on the daily chart at the peak.
  • The Long Lower shadow and a small body at the top indicates resistance at higher price levels.
  • The location at the top makes this a strong reversal sign.
  • Volume is low which dilutes the strength of the reversal sign. 
  • Longer time frame charts weekly and monthly are bullish with momentum.
  • The daily chart outlook is neutral (reversal candle).

Weekly Analysis

  • Refer the bottom right chart for the weekly chart.
  • A Weekly candle is a  bullish candle with small upper and lower wicks.
  • The close is a lifetime high weekly close for the Nifty. 
  • The range is normal and with a turnover of 60445 crores for the week.
  • The weekly chart outlook is bullish.

Monthly Analysis

  • The monthly chart is the full panel on the left side. 
  • The last candle to the right is the November month candle which is getting formed. 
  • The candle for our analysis is the second candle from the right. 
  • It is a bullish candle gaining 442 points during the month.
  • This is the second highest gain YTD after July 17 (see chart below)
  • The range for the month stood at 553 which was also the second highest behind July 17.
  • After reaching lifetime high in July, the Index retraced 332 points in the months of Aug of Sept (on a closing basis).
  • It has posted a strong gain post the retracement. 
  • The monthly chart outlook is bullish.

Momentum and Moving Averages

The momentum and moving averages are all bullish in daily, weekly and monthly timeframes.

Outlook for Nov 2017

  • Upside Targets

    • First Target 10511
    • Second Target 10734
    • Third Target 10957

  • Downside Target (Assuming retracement from 10511)

    • First Target 10340
    • Second Target 10235
    • Third Target 10150
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Disclaimer :

This blog is for educational and awareness purpose only. The views are intended for discussion and exchange of views rather than an expert opinion. This is not an recommendation to buy or sell or invest in the stock market and derivatives market. Kindly exercise caution and perform your own due diligence before investing in the market, after fully and clearly understanding the risks involved.






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