Jul22-W3: Nifty to finally hover around 16500? (Jul18 to Jul22)
What I said last week was that the Nifty will consolidate around 16500. I couldn’t be more wrong as Nifty corrected a bit during the week. Now the following is my analysis for coming week:
Nifty has been respecting both red and purple channels as per its whims. I expect Nifty to reach the mid-band of these channels. This would take Nifty to somewhere around 16400ish. To lure buyers, Nifty can go till 16500 also. Let’s see if the parallel channels then give resistance to Nifty.
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
Consolidation - Between 16425 and 15850
Downtrend - If breach below 15850; to drop somewhere till 15550
Uptrend - If breach above 16425; to rise somewhere till 16750
Despite all the gloom and doom news from Sri Lanka, its stock market index has crashed by 50% from its all time high. I was expecting more. To give context, India dipped by almost 18% few weeks back. Or maybe, 50% dip is justified.
DISCLAIMER: I am not a SEBI registered adviser. All the information provided on this website is for educational / informational purposes only and should not be taken as investment advice.
Nifty has been respecting both red and purple channels as per its whims. I expect Nifty to reach the mid-band of these channels. This would take Nifty to somewhere around 16400ish. To lure buyers, Nifty can go till 16500 also. Let’s see if the parallel channels then give resistance to Nifty.
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
Consolidation - Between 16425 and 15850
Downtrend - If breach below 15850; to drop somewhere till 15550
Uptrend - If breach above 16425; to rise somewhere till 16750
Despite all the gloom and doom news from Sri Lanka, its stock market index has crashed by 50% from its all time high. I was expecting more. To give context, India dipped by almost 18% few weeks back. Or maybe, 50% dip is justified.
DISCLAIMER: I am not a SEBI registered adviser. All the information provided on this website is for educational / informational purposes only and should not be taken as investment advice.
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