We wish our readers a very Happy Diwali and a prosperous year ahead in the markets.
Week in review : 9 Nov ~ 14 Nov.
Nifty had another bullish week. Range was from a low of 12,367 to a high of 12,828.
Excerpt from our post of 6 Nov, just 9 days ago when Nifty was at 12,195, our Nifty post said “Price appears to be headed to the 12,700 ~ 12,800 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…”
Below we provide some excerpts from our posts of the week gone by. (Full posts accessible to subscribers only).
On Monday morning, 9 Nov, Bank Nifty excerpt when BN was at 27,300 “This near term rally is in sub-minuette degree wave iii that could reach the 28,000 level. A decline below 26,000 appears unlikely in the near term.”
On Monday morning, 9 Nov, USD / INR excerpt “We suspect price is still in wave C down …”
On Tuesday, 10 Nov Dow Jones Industrial Average Excerpt “What was especially interesting about yesterday’s move was the gap up into the open was huge, between 4 ~ 5%. This is likely to be closed sooner rather than later….”
On Wednesday, 11 Nov, Nifty 50 excerpt “Price is well on it’s way and should reach the 12,800 level..”
On Wednesday 11 Nov, Bank Nifty excerpt “Under both counts below, the larger rally is not complete..but price is ripe for a correction”
On Thursday, 12 Nov, Nifty Pharma excerpt “11,005 is critical level..”.
On Thursday, 12 Nov, Nifty 50 excerpt “Our target for wave 3 for Nifty 50 was 12,700 ~ 12,800. It reached 12,768, which is fine. Third waves can be powerful and continue for longer than planned…”
On Thursday, 12 Nov, BSE Power Index excerpt “Target above 1800 has been met…”
On Friday, 13 Nov, Nifty I.T excerpt “Bullish momentum has been strong…”