FIIs have invested a lot of money in our market in the last few weeks but this does not change our longer term views for the markets. Look at the monthly chart above and you will understand why it is time to be cautious.
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There is no change in the longer time frame view for Nifty as given below. Short term traders can watch Gann support and resistance zones given below for both long and short trades.
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Last week Nifty was at a new life time high and only Gann system can find accurate levels even in uncharted territory. It corrected 350 points exactly from Gann resistance level.
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Nifty went above Diwali high but stopped exactly at next Gann resistance level 12960. We also witnessed more than 200 points correction from Gann resistance level. The longer time frame view as given below remains valid and plan your trade accordingly.
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INVESTORS MUSK BOOK PROFIT AND KEEP 90% CASH IN HAND AND WILL GET MUCH BETTER RATES TO REINVEST IN 2021. KEEP WATCHING THIS SPACE . I WILL INDICATE WHEN TO REINVEST.
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As expected we witnessed huge volatility last week which ultimately resulted in upward breakout in Nifty. But remember that we are passing through an extreme powerful PRESSURE DATE ZONE.So watch carefully the high made till ....... Nov 2020. A reversal in present trend is expected from these levels.
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All the pressure dates as mentioned in the news letter worked accurately this month. Nifty corrected more than 450 points this month and every time it tried to go above 12000 the Gann pressure dates did not allow it to do so. Now all global markets are waiting anxiously for the US election results. Be ready for huge volatility in this month. ...... Nov to ..... Nov is a BIG Pressure date zone in Nov 2020.
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As mentioned below the BIG PRESSURE MONTH effect is clearly visible in Nifty. On both the dates 15th and 21st Oct Nifty tried unsuccessfully to breakout above 12000 but it witnessed big sell off(look at the chart). These dates were already announced in previous week's news letter
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As mentioned in the last newsletter regarding BIG PRESSURE MONTH, so we witnessed big sell off on 15th Oct which was a Gann date. Nifty to become bullish above ....... and very weak below ........ on closing basis.
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Last week I clearly indicated that Trend will become bullish once Nifty is able to close above September high 11618. So now the trend is "Buy on Dips".
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