What I said last week was that there was no clear sense of direction which market may take. Well, Nifty only had 3 days to trade anyway. Even though 17550 was broken, there was not enough time to build momentum last week
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)
The setup is ready for a good move on the downside. There are 2 parallel channels that I can see. Support lines for both channels can be seen interjecting around 17200 level. This may give some support but I would not be surprised if 17000 is also breached this week.
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
|Scenario||Anticipated Price Action|
|Consolidation||Between 17675 and 17200|
|Downtrend||If breach below 17200; to drop somewhere till 16850|
|Uptrend||If breach above 17675; to rise somewhere till 17900|
The war between Ukraine and Russia is escalating. I wonder when the downfall of Nifty will escalate. I am eagerly awaiting the level of 14000.
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