The highly volatile and uncertain trend due to certain planetary effect will come to an end today. In the weekly newsletter, we mentioned it.
Market may open gap down and remain downward till 10.30 HRS. From 10.30 HRS to 14.30 HRS, the market will be in a volatile to recovering mode. From 14.30 to 15.30 HRS, the market may experience profit booking. Intraday traders can long around 10.30 HRS and book profit by 14.30 HRS. Positional traders can accumulate long at 10.30 HRS and book 50% profit by 14.30 HRS.
TRADING RANGE:
NIFTY: 10020-10250
BANK NIFTY: 24400-25000
In the closing hour, positional traders can buy back position. From Friday, the market will enter a short-term positive trend. In short term, Nifty can cross 10500 while Bank Nifty can cross 26000.
Following sectors are not supportive at this point:
- Pharma
- Oil
- IT
Metal, automobile, retail, FMCG, banking and finance sector will be supportive. Hence, you can buy stocks in these stocks.
On Friday and next Monday, the market will be in a positive trend.
Crude Oil
Buy crude oil on dips with S/L 64.00. It will trade positive till mid-November 2018. First target will be $70/bbl.