Jun22-W3: Nifty to slide further? (Jun14 to Jun18)
What I said last week was that with stochastic being in overbought territory, the indicators state that Nifty should not rise further and that Nifty shall oscillate around 16400 level. It turns out that it was not a bad prediction, though not completely true as Nifty ended at 16200. I can’t be that accurate, obviously. Now the following is my analysis for coming week:
Nifty is falling, simple. There are barely any solid supports. I have these red and purple parallel channels which may make Nifty hang around but slanting lines are never strong supports. Thererfore, I expect fall to at least 15700 level in the coming week.
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
Consolidation - Between 16325 and 15825
Downtrend - If breach below 15825; to drop somewhere till 15500
Uptrend - If breach above 16825; to rise somewhere till 16700
As the market closed on Friday, the nation burnt. It was sad. I wonder if I can even freely write anything about it. Power eventually flows through power of gun (or stones), I suppose.
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 falling, simple. There are barely any solid supports. I have these red and purple parallel channels which may make Nifty hang around but slanting lines are never strong supports. Thererfore, I expect fall to at least 15700 level in the coming week.
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
Consolidation - Between 16325 and 15825
Downtrend - If breach below 15825; to drop somewhere till 15500
Uptrend - If breach above 16825; to rise somewhere till 16700
As the market closed on Friday, the nation burnt. It was sad. I wonder if I can even freely write anything about it. Power eventually flows through power of gun (or stones), I suppose.
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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