As per our analysis, we expect a strong bounce back on nifty for about 150 points next week. This jump was confirmed on Friday (29-Oct). As we saw Nifty sharply advanced after touching the 50 DMA of 5933. This shows that the markets have finally found its support at 5933 levels, So considering these levels we see limited downside from here and an upside potential towards 6116 / 6158 levels. Stop loss should be placed at 5930 level. So a jump of about 150 is likely next week.
We are looking to buy nifty future on every decline as there is huge buying interest. I would certainly not buy on higher levels, but instead look for buying at support area.
The trend in the Nifty is currently up, so looking for buying opportunities only. No selling or short positions should be opened.
The trend for Nifty next week (1-Nov): Bullish