StockZodiac
Reservoir
of Wisdom
As
expected, markets declined and gave a negative weekly closing. We have been
expecting a corrective move and have given the target of 18600 by November 2nd.
The behaviour pattern developed on Nifty and many index stock charts hints that
downward corrective movement would continue, and a probability of a steep fall
cannot be ruled out at any moment. Market breadth has turned negative, and
broad markets saw an aggressive profit booking. and as per data, most analysts
are worried that the promotor's stake sale has crossed record levels and is way
above the average. Technology also joined the correction movement, and now
banks look very attractive at the current levels.
Technical - Markets have shown evident weakness. The market
breadth clearly showed profit booking and counters not holding at a higher
level due to a lack of follow-up buying; slow and steady pressure has finally
given clarity and the confirmation of a further price correction in the coming
few days. The Nifty trading zone of 19750 & 20250 has become a strong
supply zone, and if the supply gets absorbed, markets will find it easier to
cross and hold. If markets break the 19200 in the current week, we will see
even 18200 before 6th November.
In any case, 18750 to 18600 is confirmed.
TimeMap – Chitra influence has thrown light on clarity; reducing
the painful positions is the best option. under the influence of SWATI, the
reaction or impact of external factors is enormous, and masses turn either
bearish or bullish; the broad response is excessively in either direction. Good
aspects during the week will give directional movement, good does not mean
markets will be buoyant, It implies an energy explosion and a lot of
participation from all sides in the market. So, suddenly, there would be
aggressive participation from the institutions, retail, and large hedge funds.
We would be looking for a panic sale as an investment opportunity.
October 23, 2023: Monday: Auspicious Day
Flat to positive opening of the markets is the market indication.
The first half would be bullish, half-selling pressure will increase, and a
sudden price drop cannot be ruled out. We recommend profit booking & also
look for short-sell positions. STBT is recommended.
October 25, 2023: Wednesday: Positive after 13.30, Contrarian approach
A down opening would be very positive, and in the first half,
sentiment in the market would be bearish, and many stocks will trigger a sell
signal in the first 2 hours of trading. Instead of getting influenced by the
zigzag signals, we suggest participating in trading after 13.30 hours, and contrarian positions will
give you an edge. Buying is recommended in index-based banking stocks and in
automobile stocks. STBT is recommended.
October 26, 2023: Thursday: Volatile
Moon position favours short sellers, and most intraday players
will be caught on the wrong foot. A positive or higher opening should be used
as an exit and look for sell trades; the Sell and Buy strategy will reward big.
Divergence indicator will give the best results.
October 27, 2023: Friday: Bad Day
External new factors would trigger a panic sell in the markets;
day traders be with the trend and do not rush to cover shorts, allow the
markets to settle, and continue to ride sell trades. STBT in high beta and
stocks with a clear sell signal on Monthly should be sold.
Futurologist
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