Nifty 50 weekly forecast & Intraday setup for 05th October 2020

NSE:NIFTY   Nifty 50 Index
Hello friends,

Hope you guys have done good in the last week and made some good money from the trading. I had seen that lot of peoples want to trade in Nifty and Banknifty Index just because of the volatility . I do agree that Index always has an opportunity for a knowledgable trader but the worst part is Index momentum is very hard to predict in the Intraday and you must follow the discipline more than any analysis. September is always a nightmare for Nifty 50 as per the last 3 year data. very volatile as we had seen recently. Total 1800 Points movement we had seen in the September month which is shown how many indexes volatile these days. Let's Investigate what was happened in September month.

Before the September Index was so bullish and making higher high and breaking most of the resistance but we had given you 10,750 level for a correction. This level has come from the harmonic and worked very well. The index has given 1000 Point downside move and made a low 10,790. Tou can see our 31st august analysis on the trading view. We predicted most of the major moves. I am gonna update all, check bellow images

Updated chart :
Then we predicted an upside move.

Updated chart :
Our last idea has been shared on Thursday and we pick Inda 50 for this analysis because Nifty 50 has not enough data. Check bellow Image

Updated chart :
These all our Past analysis and we have just updated them for your study purpose so you can believe that swing trading is far better than Intraday ... Now the main question is what gonna happen in October first trading week. Let's talk about key factors first.

Key Factors

1-The Govt announced the launch of an ambitious information technology project 'Sunidhi' to digitize all provident fund and pension related activities of the Coal Mines Provident Fund Organisation.
2-India posted a trade deficit of $2.91 billion in goods in September. Merchandise imports contracted 19.60% in September to $30.31 billion from a year ago while exports rose 5.27% to $27. 40 billion.
3-Automobile manufacturers showed significant signs of recovery as they dispatched 13% more vehicles to dealers in September. Tractor sales also increased, indicating that a good monsoon is driving the rural economy
4-NBFCs pin hopes on festive season for revival in credit disbursals. The collection efficiency of non-banking lenders and housing finance companies picks up.
5-India registered 79,705 new Covid-19 cases, taking the tally to 6,471,734. With a high level of recoveries, India was maintaining its global position as the country with the highest number of recovered Covid-19 patients.
6- An effective vaccine is not likely to be available for the general public before the fall of 2021, according to experts working in the field of vaccine development.
7- India’s economy posted its worst slump in the three months ended June as disruptions caused by the Covid-19 outbreak brought Asia’s third-largest economy to a halt. Economists expect growth to shrink in the year through March 2021, in the first such contraction in more than four decades.
8-Bringing huge relief to individual and MSME borrowers, the Centre told the Supreme Court that it would waive interest on the repayment of loans of up to Rs 2 crore. The move will provide relief to individual borrowers MSMEs during the COVID-19 outbreak. The waiver on interest would apply, irrespective of whether the borrower has availed of the moratorium in the categories of loans specified by the Govt . The waiving off interest on loans to every category would amount to a burden of Rs 6 lakh crore for banks.
9- Indian rupee, Crude oil is stable.

Weekly Trade Setup
Nifty is trading on a major resistance area (11,500) and a correction is accepted.11,200 is the support area . This 300 Point range will decide Nifty Movement for this and for this month so keep an eye on both levels and set up your trade according to it .

Intraday Trade Setup for 05th October 2020
As per Sgx nifty , we are going to see a huge gap down again so most of the levels based on previous data is Invalid now. We need to set up a fresh trade today. I suggest Use 30 Minute candle high low set up your trade. Wait first 30 minutes. Go in long if a high break or short if low breaks . Use less exposure on the buying side.

Major Intraday Resistance is 11,456 and major Intraday support is 11,300.

Disclaimer: I am not a SEBI Registered Research Analyst and all the information provided here is for educational purposes Views are shared based on market research and study and personal in nature. Others can take different views and opinions.

Good Luck and Happy Trading
Virendra Pandey


This looks like a solid approach, thanks for sharing
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