Nifty & Bank Nifty Weekly Technical Outlook for 30 Sept, 2013

Nifty Daily Chart

Nifty Daily Chart

Bank Nifty Daily Chart

Bank Nifty Daily Chart

Month of Surprises and Shockers is about to over.

Nifty remained weak throughout August month, some relief came at the end of Month, so it was obvious market started expecting some retracement in month of Sept, but broadly, weak tone was already set in the minds of people, because we already saw 5118 levels. Nobody has predicted (yes, you can’t forecast here) that Nifty can even cross 6000++ levels, leave the idea of 6150, including us.  After giving sharp breakdown on 3rd Sept, Nifty again moved higher, first surprise; from the low 5318 Nifty climbed towards 5924, just in matter of five trading sessions move of 600+ second surprise; after staying range bound for five sessions giving upside breakout from falling trendline and making high of 6142.50, third surprise; immediately correcting the move, but staying absolutely flat on expiry day by moving in a range of 53 points, last fourth surprise. Does anyone here, who must have even thought of this spectacular rally and trading appropriately. We are sure there is none, but there is a race to conceal the deficiency. Fortunately, Way2Profits is not in such race. Now, let’s try to understand and prepare our self for coming month of October, and see whether we can catch the right move or not.

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