Aug22-W2: Nifty to start becoming a bore? (Aug8 to Aug12)
What I said last week was that the Nifty’s target is 17450 and then it should flip to 4-EMA. This is exactly what happened. Now the following is my analysis for coming week:
With such a mammoth uptrend behind it, a correction is expected but magnitude will be small at least this week. In fact, I would not be surprised if Nifty breaks its recent swing high to go till 15500ish. In either case, Nifty should reach mid of green channel either this or next week but in a boring fashion.
Nifty has broken heart of many bears including myself. I am highly skeptical about my long-term target of 14500.
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
Consolidation - Between 17575 and 17150
Downtrend - If breach below 17150; to drop somewhere till 16750
Uptrend - If breach above 17575; to rise somewhere till 17850
When it comes to showing aggression, there is no country like Russia. China is all pomp and no show and thank heavens for that.
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.
With such a mammoth uptrend behind it, a correction is expected but magnitude will be small at least this week. In fact, I would not be surprised if Nifty breaks its recent swing high to go till 15500ish. In either case, Nifty should reach mid of green channel either this or next week but in a boring fashion.
Nifty has broken heart of many bears including myself. I am highly skeptical about my long-term target of 14500.
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
Consolidation - Between 17575 and 17150
Downtrend - If breach below 17150; to drop somewhere till 16750
Uptrend - If breach above 17575; to rise somewhere till 17850
When it comes to showing aggression, there is no country like Russia. China is all pomp and no show and thank heavens for that.
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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