Collin Twiggs says The Dow Jones Industrial Average and S&P 500 warn of rising selling pressure. Asia-Pacific markets, however, are a mixed bag: China and India remain positive, Australia and Korea are more tentative, while Japan commenced a primary down-trend.
He also adds that the Sensex is headed for a test of resistance at 17500. Respect of resistance would signal a test of 15500, while breakout would offer a target of 20000 {Target calculation: 17500 + ( 17500 - 15000 ) = 20000}. Rising Twiggs Money Flow (13-week & 21-day) confirms buyer interest.
He also adds that the Sensex is headed for a test of resistance at 17500. Respect of resistance would signal a test of 15500, while breakout would offer a target of 20000 {Target calculation: 17500 + ( 17500 - 15000 ) = 20000}. Rising Twiggs Money Flow (13-week & 21-day) confirms buyer interest.
Now, lets check what have I written about Nifty and Bank Nifty future in my last post Nifty And Bank Nifty Future - What To Expect On 24th November? Written in Nifty future above 5085 next hurdle is at 5116/5127. Just check today's high made 5119.45 and could not close above 5127. Wtitten in Bank Nifty future above 9255 upper targets are at 9350. Just check it touched 9360 and crashed lower to close at 9273.
Now what to expect tomorrow? If Nifty future can cross 5125-5130 level decisively then it is all set to test 5145/5157/5168/5175. Bulls need to protect 5072 level carefully, as below 5072 if it trades then it can show 5050/5045 in intraday panic. For Bank NF see 9350 and 9224 carefully. Above 9350 it can show 9400-9420 in minutes only and if breaks 9224 with volume then I can not rule out the possibilities of 9169/9100. Expect market to be volatile as expiry is nearing. Trading in smaller lots are advised.
R3 5176, R2 5148, R1 5125, Pivot Point 5096, S1 5073, S2 5045, S3 5022.
Bank Nifty future important levels for Tuesday, 24th November:
R3 9481, R2 9421, R1 9347, Pivot Point 9286, S1 9212, S2 9152, S3 9078.
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