Nifty expected range for November 2014
Nifty spot on last trading session closed at 8324 with small loss. On daily chart, nifty index is in absolute uptrend with strong buying momentum is on the way. On daily chart, nifty is trading above all short-term averages with bullish divergences on indicators and oscillators. On downside, 8210 is week average and first support. This is trailing stop loss for very short-term traders. Below it, 8030 is 1-month average and below it, 7910 is 3-month average and last support zone.
For month of November 2014, nifty above 8125 will remain bullish and for traders will remain buying on dips.
On upside 8530 will be first strong resistance and above it 8730 is second resistance. Any daily closing above it means super bullish nature of index and in that scenario, buying as well as sharp short covering can take nifty up to 9100 to 9300 in November series. On downside 7920 is major support and below it 7500 will be next major support zone.
At current level, fresh buying must be avoided with short to medium term view, as risk reward ratio is not favorable. If any one wants to buy nifty then buy near 8150 only with strict stop loss below 8100.
Nifty is still winner in major market with 24-25% gains in last 6 months time and in coming time my continue to do so but investors here must stay cautious and must book profits in weak fundamentals stocks.