NIFTY WEEKLY FORECAST Oct 28th - 1st Nov

NIFTY WEEKLY FORECAST Oct 28th - 1st Nov 2013

Technical View :: NIFTY

In the week just gone by Nifty made a high of 6252.45 breaking previous SWING HIGH of 6229.45 made on 20th May 2013 which is a 52 week high.This confirmation may take Nifty to all time high levels of 6300-6500 levels indicating that Primary Trend is Up and as long as NIFTY do not break 5960 levels on the downside in the short term(3-4 weeks) time and reverse thereon. so expect very sharp moves to happen in the next one month or so from hereon. Coming to the current(Oct 28th - 1st Nov 2013) week nifty is likely to be weak and recover  in the later half of the week.  Historically NIFTY made highs of 6334 on Nov 8th 2010 and 6357 on January 2008 respectively before sliding down. So we may expect similar kind of move to happen this time too. As pointed out in the last week NIFTY weekly forecast NIFTY corrected to 6100-6150 levels and hovering around the same levels since then waiting for RBI policy announcement tomorrow.

INDEX/STOCK	CMP	ACTION	TARGET(S)	INITIAL STOPLOSS	COMMENTS
BANK NIFTY	10896.50	SELL	10837/10804	11230	TRIAL/MOVE THE STOPLOSS TO 1ST TARGET ONCE IN PROFIT/MONEY
TCS	2067	BUY	2087/2099/2110	1857	TRIAL/MOVE THE STOPLOSS TO 1ST TARGET ONCE IN PROFIT/MONEY
AXISBANK	1190.75	SELL	1180/1175	1362	TRIAL/MOVE THE STOPLOSS TO 1ST TARGET ONCE IN PROFIT/MONEY