AFZAL LOKHANDWALA

CHAMPIONS CLUB

WEEKLY MARKET
REPORT
9 October - 15 October 2023

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 Nifty 50 Index Rises, Minor
Resistance Zone Observed

This week, the Nifty 50 Index gained 0.5%, climbing by

98 points, and closing at 19751. Upon examining the
daily timeframe chart, we can see that a smooth
rounding bottom pattern is forming, with no significant
weaknesses to report. However, when viewed on a
lower timeframe (75 minutes), the Nifty 50 Index has
respected a minor resistance zone of 19810-19840.
Despite this, we have not observed any weaknesses in
broader market structures, such as the Nifty 500, Nifty
Small-Cap, and Nifty-Midcap. With the exception of
technology and PSU banks, most of the sectors ended
in the green, with Realty and Auto being the top
performers, with a 4.3% and 2.8% rally, respectively.
The corporate earning session will be in full swing in
the coming weeks, and considering Global tensions,
we maintain a MODERATE market stance and advise
traders to manage their trades accordingly.
 SUNPHARMA: A Great
Opportunity for Swing Traders

Sun Pharmaceutical Industries Ltd., a multinational

pharmaceutical company based in India, saw a 1.3%
increase last Friday, closing at 1145 levels. Analyzing its
past performance, SUNPHARMA has experienced a
26% increase over two and a half months starting on
May 22, 2023. The stock closed at a swing high of 1161
on August 7, 2023. Currently, the stock is facing
resistance at the 1161 level, which has been observed
twice in mid-September and October 3, 2023. A base
rounding bottom structure can be observed in
conjunction with a Cup and Handle pattern. After a
recent pullback, a bullish candle with average volume
was observed last Friday, indicating a good entry
point. Based on the overall price action, SUNPHARMA
has the potential to break out of its current structure
and provide a good return in the near future. Swing
traders can time their entry in this setup and look to
capitalize further with proper risk management.
Gold & Silver: Big Reversal
 Gold & Silver: Big Reversal

For thousands of years, gold has served as a global

currency, commodity, investment, and symbol of
beauty. In the past week, it has made a significant
jump, gaining 4.5%. Since mid-September last year,
this particular commodity has transitioned into the
growth stage and has experienced a 25% increase,
reaching a high swing of 61238 on April 13th, 2023.
After a seven-month rally, the commodity has been
building a larger base with a support of 57950-58450.
On September 28th, 2023, the support zone was
breached, and made a low of 56421. However, gold
managed to bounce back and gain 5.3% in just five
trading sessions, with exceptional volume in the
market.

The silver commodity has also demonstrated similar

price action, with a support zone identified at 69300-
70100. A breakdown of this support occurred on
October 3rd, 2023, but the price bounced back with
robust volume and closed at 71287 on the last Friday,
gaining 4.5% over the last week.

Currently, both the commodities are trading above the

support zone, which indicates that the previous
breakdown may have been a "Fake Breakdown." With
the festive season fast approaching, coupled with the
current price action, both are expected to hit their
record high levels
THE MEMBERS TRADE!

CTM members trade in

#ANGELONE
THE MEMBERS SPEAK!
Greed can bring success, but it can also lead to self-
destruction. It's important to find a balance between ambition
and contentment to avoid falling victim to our own desires.
-Afzal Lokhandwala

AFZAL LOKHANDWALA
CHAMPIONS CLUB
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