Nifty managed to close the week with gains at 10690 up by 105 Points from previous week’s close. Current Week saw a total gain of 230 Points from Lows of 10460. We had three positive sessions in last five days.
Market has been inching up towards higher levels trying to touch the 50 Day and 200 Day Moving average coinciding at 10774 and 10767 levels. Upcoming week shall be very crucial as bulls must close Nifty above these widely tracked Moving averages. We will have to see if the current bounce back from lows of 10030 levels is a retest of Previous swing top at 10700 Levels or another opportunity for bears to gain control. Historically, in last 10 years, November closing has been negative 7 out of 10 times.