What I said last week was ‘I usually use this combination to say that Nifty’s mean reversion is done and the previous trend shall resume now.’ I was right but I did not expect to be so right so fast. I was actually expecting Nifty to rise up a bit more before falling down.
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)
Since Nifty did not waste much time in resuming its downtrend, I don’t see why the downtrend should even pause. The momentum should only increase and eventually we may see Nifty around 16000 level but perhaps not this week.
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
|Scenario||Anticipated Price Action|
|Consolidation||Between 17300 and 16650|
|Downtrend||If breach below 16650; to drop somewhere till 16150|
|Uptrend||If breach above 17300; to rise somewhere till 17800|
UK and US citizens are struggling with Omicron while their economies are struggling with inflation. What a struggle. No wonder, Nifty too is struggling.
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.