31/10/2013 Thursday
Hi,
There is an intraday gap of 35 points is between NF Oct (6300) and Nov (6335) Series, this gap needs to be filled, perhaps it may happen tomorrow.
6330-6350-6370 is a strong resistance zone, even if market rallies initially, technically it should not be able to over come the above zone.
Because as per Gann if 6370 is violated then NF will be in a totally high trajectory path, this is not possible because of the following hurdles...
- Assembly Elections during November
- Fundamentals are not supporting this rally.
- Market in highly OB zone. (Most of it (perhaps) bought only by FII's)
- FII's will have to square up their position as per their Dec books closure norms.
- Pura Nov mahina pada hai trade karnay kay liyea. FII's nay jo buy kiyea hai who kaha dalay gaa.
“Tapering is inevitable"
“Tapering Inevitable" is the out come of Fed's meeting and % of people who believe it could start from Jan 2014 has suddenly rose from 25% to 45%
So the above could be the trigger point for market to fall drastically in the month of Nov
My near low target is 6250 and then 6094. Let's see when it reaches there.
Bye