Nifty-Apr22W2 Chart

Apr22-W2: Nifty to consolidate? (Apr11 to Apr15)

The last week would have had Nifty short position takers gasping for breath on Monday. If those traders were looking at sgxnifty.org on Tuesday, they would have lost all hope. However, things got normal as market opened on Tuesday and then there was trouble for long position takers.

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)

This week is quite tight. There is no clear sense of direction which market may take. I think Nifty may consolidate between the red and green lines. If it breaks above or below these lines, it may provide significant upside / downside either this week or the next week.

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

ScenarioAnticipated Price Action
ConsolidationBetween 18050 and 17550
DowntrendIf breach below 17550; to drop somewhere till 17100
UptrendIf breach above 18050; to rise somewhere till 18550

Covid XE almost sounds like a new model for iPhone. I wonder how is Nifty going to react if the 4th wave rises

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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