May22-W2: Nifty to breathe? (May9 to May14)

2022年5月7日

What I said last week was that the trend remains bearish. I had been anticipating a good move on the downside since past 3 weeks. The last week finally gave that move.

Now the following is my analysis for coming week based on what I am looking at

I only know the very basics of wave theory but I believe I can see the 3 waves from 18100 level to 16375 level. This means that the market should ideally go for retracement. Since Friday has created a big gap between 16650 and 16484, I expect that the market will fill that gap this week. The market may continue to go up but I doubt it can go above the psychological level of 17,000

Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
Consolidation - Between 16800 and 16125
Downtrend - If breach below 16125; to drop somewhere till 15650
Uptrend - If breach above 16800; to rise somewhere till 17100

All these red candles are making Nifty too hot to handle. Coincidentally, heat wave is going on in northern India

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.