Though I have not been able to find time to trade Nifty mainly due to office work, I could not resist making a brief analysis for this week especially since Nifty has hit ATH. Congratulations to those who stayed invested.
Now, here’s what I am looking at:
Saying that Nifty has broken previous ATH would be a call made too soon. This week is crucial to see if Nifty has broken the red resistance rectangle.
Thus, scenarios for the week ahead…
|Scenario||Probability||Anticipated Price Action|
|Consolidation||High||Between 15500 and 15250|
|Downtrend||Low||If breach below 15250; to drop till 15100|
|Uptrend||Low||If breach above 15500; to rise till 15650|
Lingering around ATH levels is always a very tricky situation and I personally think Nifty is far away from its averages and thus, revert to mean is a good possibility. RSI structure too is a bit confusing. So, consolidation should be the name of the game, this week. Let’s see.
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.