As per Reuters “Germany and France are imposing lockdown again nationwide. The Covid19 infection cases are doubling in 9 days in the UK. The last few days were very tricky as news of stimulus packages in the US and numbers of Covid19 were the main trigger points. Whatsoever may be the news but weekly levels worked like a rock this week also. Nifty 50, Reliance, HDFC Bank, and many other stocks managed to hit the third and final support given in the chart of support and the resistances. Dow was also not the exception as the Industrial Index of the US also made the low near the third support on Wednesday night and started northward journey. Rally reemerged on the hope of expectations of good results of a few American companies, which are due next week.
Nifty 50: Support 3: 11508 Low formed 11535
Weekly levels posted on October 23
Reliance Industries: Final Support 1991 – Low formed 1991
HDFC Bank: Final Support 1189 – Low formed 1178 and closed at 1187
Kotak Mahindra Bank outperformed this week and managed to hit not only all the targets but made a high of 1602 with a gap from the final target. There was a large diversion between the top two private banks of India. HDFC Bank falls by 5% and Kotak Mahindra Bank rise by almost 19% in the first 2 trading days. Kotak Mahindra Bank was the top performer and saved Bank Nifty and Nifty 50 from a big fall in this weak performing week.
DowJones Industrial Average Index managed to fall much below the lowest support and bounced near to the third support, which may work as a trend decider now.
Utilize your time during the lockdown
The total number of students enrolled in Udemy courses reached 750 + this week and the expectation is that the number will cross 1000 in the next few days. Special thanks to all my students. These 2 courses are the outcome of the lockdown phase. Work from home saved the traveling time of many. There were 2 options either to watch serials and movies OR create movies of your own ideas. You can share the ideas of how you utilized the time during the period of lockdown and what are the plans? Improved health or sharpen your skills or creating and inventing or building a relationship or generating a new source of income etc.
Motivational Quotes:
Motivational Quotes help us to get the hopes and spawn happiness and joy. Motivational quotes trigger positivity, enthusiasm, passion, zeal, optimism, high energy, liveliness, cheerfulness, joyfulness, vision, trance, force, and strength. – R K Arora
Here are few motivational quotes of leaders, strugglers, and winners who believed in themselves.
The ability to take advantage of favorable opportunities and circumstances, there is the scope of success. – Jamsetji Tata
Risk comes from not knowing what you are doing – Warren Buffett
Someone is sitting in the shade today because someone planted a tree long time ago. – Warren Buffett .
Sadness gives depth, Happiness gives heights, Sadness gives roots and happiness gives branches – OSHO
What would be the levels for this week starting on November 2nd ’20? Wide ranges and spreads are shown in the support and resistance chart. May, may not achieve the mentioned levels but this is the week of the biggest event of 4 years hence the possibility is there. Support and resistance levels of Nifty 50, Bank Nifty, Reliance, HDFC Bank, Kotak Mahindra Bank, Axis Bank, ICICI Bank, Bandhan Bank, Indusind Bank, TCS, HCL Tech, Infy, Maruti, Tata Steel, Dow Jones Industrial Average Index, Nasdaq 100, Hang Send, Gold, Silver Crude, Ultra Tech, Grasim and Shri Ram are given in following matrix chart below:-
Happy Trading Happy Investing to all my students. Love and Blessings.