What I said last week was ‘I don’t see why the downtrend should even pause.’ I was right but I did not expect to be so right so fast. A major gap-down opening on Monday continued by freefall meant that all objectives of the week were achieved on day 1 itself.
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 expected to swing both ways. As the market is rising back with a vengeance after the previous 2-3 weeks of downtrend, it will be difficult for bears to stop its momentum. Nonetheless, there are some important trendlines and price levels which can pose resistance. Overall, this week is basically not suitable for trading.
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
|Scenario||Anticipated Price Action|
|Consolidation||Between 17500 and 16475|
|Downtrend||If breach below 16475; to drop somewhere till 15800|
|Uptrend||If breach above 17500; to rise somewhere till 18300|
Year 2021 has come to an end for all. It feels quite important, even for Nifty as it will start a new candle on yearly timeframe DISCLAIMER: I am not a SEBI registered adviser. All the information provided on this website is for