nifty oct 10 forcast
Updated
looking at nifty sgx fututres it has constantnly tesed 17200 level as a resistance with making lower lows
and the pullback that was seen after long bear rally was due today it seems
but there is mix feeling from dii buying & fii selling today unless we see fii buying as well ithink it will face resistance at 17200 and make lower lows since the pull back has touched 61 % mark on fibonaci retrace ment
us market also remains negative will have to wait till get positively offseting earning calls & labour report due october
and the pullback that was seen after long bear rally was due today it seems
but there is mix feeling from dii buying & fii selling today unless we see fii buying as well ithink it will face resistance at 17200 and make lower lows since the pull back has touched 61 % mark on fibonaci retrace ment
us market also remains negative will have to wait till get positively offseting earning calls & labour report due october
Note
nifty nearing resistance at 17100 wait for break out of channel and retest(imporatant) since market is volatile . make less sense to buy if it doesnt retest can keep target at 17500 since it is major resistance . but also keep traget trailing at 17300 Us market are showing strong buying demand due to all time low could be a pull back for downtrend so tread carefully on nifty.
domestic institution buying spree has halted today(3 oct) & fii selling was also very weak so 4th 5th oct will be key days to see where nifty is headed.
(thats my opinion ppl are welcomed to criticise & provide counter arguments)
Note
candle stick pattern on 15 min chart indictes formation of head and shoulder pattern & signalling reversal lets wait for confirmation.
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