#139 Nifty Update: ‎"Bully" taro Dhol baaje…Dhol baaje…Dhol ke dhaam dhaam baje dhol….

Since last 9days we all gujjus or even those who love garba might be humming the song in tagline ..but i changed it to the moods of Market traders in current trend. Yes, Bulls story is long lived ahead in the market from here. We have been consolidating between 5633-5724 since quite a long. According to eliiot wave as i have marked in the graph above we may have 2 possibilities from here 1) We breakout on upper range i.e., 5724 and achieve 5947 or we drawdown to 5450 and consolidate more between 5450-5817 before getting to 5947. Looking at the markets in global sphere it is highly volatile and we cld see that we are really undecided and hve to wait this week to end. RBI policy on 30th Oct is an important one to look week. A rate cut of 25bps wld move market upto 5947 from here on. Tomorrow we have a trading holiday so todays mark off from the highs in global market can be counter discounted by its move tomorrow. Indicators on weekly chart are +ve while daily chart are mixed bags. Earning season has been pretty comfortable till now for Investors to digest. So as i said now this weekend close 5633 or below tht wld decide the move further. So strategy for next few days is sit and relax ur legs as you might have played a navratri 9 days if not relax your mind as i am sure u wld have been frustrated due to range bound movement…But dnt worry “yeh tofan ke pehle ka sanata hai mere bhai”…but u nvr knw tofan (move) cld be either side.!!!!!

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