Jul22-W2: Nifty to hover around 16500? (Jul12 to Jul16)
What I said last week was that the Nifty will consolidate. I couldn’t be more wrong as Nifty remained in an uptrend throughout the week. Now the following is my analysis for coming week:
Nifty is playing around this green channel. Since it has remained in uptrend for so long, I expect it to finish the cycle by breaching the band. This would take Nifty to somewhere around 16500. Now I have these red and purple channels which have proved themselves of importance earlier. Let’s see if either of them gives resistance to Nifty this time.
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
Consolidation - Between 16525 and 15900
Downtrend - If breach below 15900; to drop somewhere till 15375
Uptrend - If breach above 16525; to rise somewhere till 17050
Everyone has acknowledged that recession is around the corner in US and Europe. The global markets though are not really panicking about it.
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 playing around this green channel. Since it has remained in uptrend for so long, I expect it to finish the cycle by breaching the band. This would take Nifty to somewhere around 16500. Now I have these red and purple channels which have proved themselves of importance earlier. Let’s see if either of them gives resistance to Nifty this time.
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
Consolidation - Between 16525 and 15900
Downtrend - If breach below 15900; to drop somewhere till 15375
Uptrend - If breach above 16525; to rise somewhere till 17050
Everyone has acknowledged that recession is around the corner in US and Europe. The global markets though are not really panicking about it.
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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