nifty novw1

Nov21-W1: Nifty to continue to swing wildly? (Nov1 to Nov3)

The following is my analysis for coming week based on what I am looking at (You may want to open image in new tab or save it for better view)

I am no expert at wave theory but if this is onset of downtrend, then one more wave of reds is yet to come. Before that happens, Nifty may inch up a bit. On the other hand, if this is A-B-C type of correction, then this is mostly over? Anyways, this is a very short week and I wonder how much can Nifty swing in 3 days especially when we have 3 big fat red candles in the backdrop.

Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…

ScenarioAnticipated Price Action
ConsolidationBetween 18050 and 17400
DowntrendIf breach below 17400; to drop somewhere till 17100
UptrendIf breach above 18050; to rise somewhere till 18600

Diwali muhurat trading has a history of taking the market up. Let’s see

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.