NIFTY WEEKLY FORECAST NOV 18th - 22 nd 2013
In the week just gone by NIFTY made a low of 5972 and bounced back to 6056 levels indicating that the both short & long term trends are intact after NIFTY hit 6342 on 3rd Nov 2013 it corrected to 6000 levels just in a span of 7 trading sessions(by huge FIIs selling) since the monthly trend on dollar index is up on the dollar chart dollar has moved up quite strongly which consequently led other financial instruments to slide down(commodities,forex, all asian,europe stock markets) except DOWJONES. Weeky chart of Dollar is likely to cool off this week a relief rally is expected in stock,commodities(Gold,Silver,Crude etc) and forex markets going ahead.
TIP:- DOLLAR INDEX IS INVERSELY CORRELATED TO COMMODITIES,FOREX & STOCK MARKETS TO A GREAT EXTENT. Hence IT IS VERY IMPORTANT TO LOOK AT DOLLAR INDEX CHARTS ESPECIALLY HIGHER TIME FRAMES TO PREDICT ANY FINANCIAL INSTRUMENTS
*******MARKETS WILL NEVER CHANGE ONLY THE POCKETS CHANGE*********
FIIs moved from stocks to dollars.
| INDEX/STOCK | CMP | ACTION | TARGET(S) | INITIAL STOPLOSS | COMMENTS |
| NIFTY | 6056.15 | BUY | 6081/6096/6120/6140 | 5834 | TRIAL/MOVE THE STOPLOSS TO 1ST TARGET ONCE IN PROFIT/MONEY |
| TCS | 2026 | SELL | 2008/1998/1981 | 2278 | TRIAL/MOVE THE STOPLOSS TO 1ST TARGET ONCE IN PROFIT/MONEY |
| AXISBANK | 1190.75 | BUY | 1111/1120/1134/1146 | 996 | TRIAL/MOVE THE STOPLOSS TO 1ST TARGET ONCE IN PROFIT/MONEY |
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