Nifty Weekly Technical Analysis for Week Beginning 09 November

Food inflation rises to nine-month high of 12.21% and after that the Indian Government has done another Petrol Hike by Rs 1.82 which will go ahead and increase fuel inflation also.  This fuel price Hike after Petrol de regulation is burning big holes in pocket of indian consumers and goverment has told in strict sense that Price will not be rolled back.TMC has opposed the fuel price Hike and submitted resignation. Ratcheting up pressure on the government to rollback petrol price hike, MPs of Trinamool Congress, which has threatened to pull out of government, will meet PM tomorrow and this news will be fuel rumors in market and hence trade with caution.

The next week will be truncated week with Holiday on Monday and Thursday so not much commitment should be accepted for traders. Try to exit positions on Intraday basis as  gap ups and gap down can eat away your profits.

Nifty Daily Charts

Nifty has again entered into its trading range from 5200-5326 after the Big breakout above 5170. Nifty has rallied almost 700 points in matter of 17 trading sessions which invites a small correction which we did till 5200 and trading in a range to let the moving averages do the catch up.
As i always suggest the best strategy to trade in ....

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