Breach of 17,600 would be an official signal of continued downtrend. Nifty may go down by another 1000 points in the long run. This is what I said last week. But my guess was ‘long run’ and not right-here-right-now like a falling knife. I really need to figure out how to take time into consideration. Maybe, Astro-finance can help. Now 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)
We have a red channel and an extended purple channel. The momentum is so strong that I anticipate Nifty to drop somewhere till mid line of purple or halt somewhere in between. Subsequently, the market should reverse and fly till somewhere between 5 EMA and 21 EMA.
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
|Scenario||Anticipated Price Action|
|Consolidation||Between 17400 and 16675|
|Downtrend||If breach below 16675; to drop somewhere till 16050|
|Uptrend||If breach above 17400; to rise somewhere till 17950|
The variants of SARS-CoV-2 are named after Greek alphabets, but for naming omicron, the experts skipped two letters Nu and Xi and chose omicron instead. I believe it is unfair. One variant definitely deserved the letter Xi. I wonder if Nifty will skip levels and create a lot of gaps this week.
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