Deepak's Gann Gyan :
This week Nifty was expected to do either of these:
a) correction to continues ( with Monday reversal after a pop ) into a low by 8-9/Oct with target of 7830/40 OR 7750/70 with a swing rally for 3-4 days from 8-9/Oct to 13/Oct. Range for nifty likely to remain inside 200 pts till 13/Oct. (7840/50 and 8030/50)
b) Nifty moves up into a high by Wednesday with target of 8030-70 and then correction resumes with a Wednesday reversal into a low by 8-9/Oct.
Price action was in line with (b), with Nifty rallying to 8031 in the target zone of 8030-70 expected, with the turn being one day ahead.
Oct Pivots:
2/Oct, 7/Oct 9/Oct-, 13/Oct-, 21-22/Oct-, 27-28/Oct
For next week since there is a potential inversion price action could be either of these:
(a) would look at a dip in the dip to 7790-7810 or 7840-50 by either 8-9/Oct before a smallish pull back of about 100-120 points into a high by 13/Oct. would expect next pull back to post a lower top around 7900-20 or 7940-60.
(b) dip into a low by 7/Oct to about 7850-60 , one day pull back of 60-80 points and decline into a low by 13/14 Oct with a target of either 7790-7810 or 7750-70
Would expect range for the month of October to be between 7950/80 and 7600/50.
Trend is expected to remain corrective till Mid November and price action so far is in line with this forecast.