Nifty May Trade Between Last Three Days Range 0 1165

Positive Points:

• SEBI has given investors more time to convert shares and other securities held in physical certificate format into demat. The deadline has been revised to April 1, 2019, from December 5, 2018.
• FIIs were net buyers.

Negative Points:

• Nifty Futures contracts and Bank Nifty Futures contracts witnessed long unwinding.
• Rupee depreciating and crude recovering. Both not good for us.

Outlook:

• Most Asian markets are down
• I expect Nifty may trade between last three days range for today and tomorrow.
• Bank Nifty will be in focus ahead of RBI policy tomorrow.
• Nifty50, Monday high 10941 and last Thursday low 10782 would act as a good resistance and support for this week.
• We can expect huge volatility on coming Thursday and Friday as many events lining up in the next one week.
• RBI policy, OPEC meets, Exit poll results, Brexit voting, State Election results, etc.
• In addition usual data like IIP data, Inflation data, Manufacturing and Services PMI data, US jobs data, etc all are waiting.
• Conservative traders, better to stay away for first half of the December series.
• Nifty likely to face resistance at 10940 and support at 10800.

Nifty50 Chart Analysis:  Hanging Man Candle

• Nifty formed Hanging Man on the daily charts.
• Hanging Man belongs to the bearish reversal patterns group.

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