Our observations last week...
"Nifty has moved up straight for the last ten days as seen in the chart above and a sub cycle top may form this week. In other words, after some more up move this week, a pull back looks likely.
It is now a buy on dips kind of market.
We are in the Central Time Zone of retrograde Mars squaring Saturn Pluto and Jupiter. We are currently going through Mars squaring Pluto and the next would be Mars squaring Jupiter on October 19th.
Between October 14th to 19th Sun also will square these three giants.. Jupiter , Pluto and Saturn.
Things could turn choppy and Topsy turvy in the next two weeks.
Caution is surely indicated."
Nifty opened the week at 11973, Moved sideways and up till 12025 before declining to 11667 and closing the week at 11762.As expected selling had emerged at the 12000+ levels.
Sub cycle top now looks confirmed. Nifty now seeks to form a cycle bottom. Likely levels are mentioned in the chart. 11618 is the first and most crucial level.11450 is a 61.8 % retracement level.
Retro Mars completes its triple square to Saturn, Pluto and Jupiter by October 19th.Sun also does the same. Now Venus takes over the trining job involving these three giants between Oct 19 to 26th.Since all these signatures suggest a crest formation, we might see further downsides this week, astrologically,
Bank Nifty also looks to fall to the 20 and 50 SMAs, this week. Good results from some of the Banks notwithstanding,BN looks to go down lower.
End of the week or early next week may see a bottom formation.
Our heartiest Navarathri Wishes to one and all!