Nifty Analysis For 18th Oct

In the last Nifty Analysis, we discussed. For keeping the continuous positive side momentum, bulls need to trade above level 11490 for the target for 11550/11630. On the downside, Support is still at 11330 below that only we can see bears getting some strength back.

Yesterday Index opened on a flat note and soon after crossing the 11490 bulls took charge, and Nifty made the high around 11586 before the closing.

Above 11490 level Nifty rallies almost 100 points. We were able to capture the whole move after our 11423 level breakout.

Now the Nifty is progressing towards significant Time cycle point today, and on Monday. We can see some pullback in the present on-going upside rally.

The Index bulls now need to hold 11535 for keeping the continuous positive side momentum in their favor. On the upside, 11675-11700 is the critical area to watch out for a more significant trend.