Jul22-W1: Nifty to tightly squeeze itself? (Jul4 to Jul8)
What I said last week was that the party pooper can be the 15900 level. Surprisingly, Nifty opened at that level itself and could not breach it further. Now the following is my analysis for coming week:
Nifty is now setup nicely to breach 15900 easily. However, the last 14 candles have brought Nifty in a range. Basically, there is an absence of momentum. Besides, the stochastic is reaching overbought level which behaves awesomely during non-trending conditions. So, Nifty can’t go up nor will it go down significantly
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
Consolidation - Between 16100 and 15525
Downtrend - If breach below 15525; to drop somewhere till 14975
Uptrend - If breach above 15425; to rise somewhere till 16700
History says that July is a typically green month for Nifty. I would be surprised if status quo is maintained this year also.
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 is now setup nicely to breach 15900 easily. However, the last 14 candles have brought Nifty in a range. Basically, there is an absence of momentum. Besides, the stochastic is reaching overbought level which behaves awesomely during non-trending conditions. So, Nifty can’t go up nor will it go down significantly
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
Consolidation - Between 16100 and 15525
Downtrend - If breach below 15525; to drop somewhere till 14975
Uptrend - If breach above 15425; to rise somewhere till 16700
History says that July is a typically green month for Nifty. I would be surprised if status quo is maintained this year also.
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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