Dec21-W1: Nifty to fall like knife this week before reversing? (Nov29 to Dec3)

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)…

ScenarioAnticipated Price Action
ConsolidationBetween 17400 and 16675
DowntrendIf breach below 16675; to drop somewhere till 16050
UptrendIf 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.

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.