Nifty had a hugely bullish week. Range was from low of 11,557 to high of 12,280, an increase of 6.25%.
Price closed near the high of the week, indicating near term strength to come.
Below we provide some excerpts from our posts of the week gone by. (Full posts accessible to subscribers only).
On Monday morning, 2 Nov, Nifty Pharma excerpt “Minimum requirement for a correction has been met.”
On Monday morning, 2 Nov, Nifty Realty excerpt “Nifty Realty appears to be in a healthy uptrend as long as ** is not violated to the downside”.
(Free Post) On Tuesday morning, 3 Nov, Bank Nifty excerpt “For well over a month, the wave count has shown the probability was for a new high above 25,228 (high of Aug 31). We have labelled every twist and turn fairly accurately and this rally to this morning’s high of 25,502 comes as no surprise.”
On Wednesday, 4 Nov, Nifty 50 excerpt “Bottom line : Neutral short term. Intermediate term preference is for continuation of the rally to above ***.”
On Thursday, 5 Nov, Dow Jones Industrial excerpt “In the short term … price is likely to continue to be sideways to up. Given the island reversal on the ** chart, preference is for price to not test …
On Thursday, 5 Nov, BSE Oil & Gas Index excerpt “Wave ** is likely to rally above ** ”
On Friday, 6 Nov, Nifty 50 excerpt “Price appears to be headed to ** to complete wave iii of minute degree (161% of wave 1). Under this count, preference is for yesterday’s gap up from 11,929 not to be filled.
On Saturday, 7 Nov, Nifty PSU Bank excerpt “In the short term, price could rally above ** in either wave 3 or wave C”