Jun21-W2: Nifty Index 50 to slowly slide this week (Jul5 to Jul9)?

Nifty Index 50 failed to show strength in upward direction too. Earlier, it did not fall much despite divergence and now it is not moving upward. It is frustrating. Anyhow, it remained exactly within black line boundaries of my last week’s yellow box.   

Now, here’s what I am looking at:

Nifty index 50 has respected a parallel channel and is on the verge of slipping from it. If that happens, the green trendline should give support. On the flip side, if Nifty continues to somehow remain above lower trendline of channel, then it can again try to cross the glorious level of 16000

Thus, scenarios for the week ahead (highlighted as yellow box with black lines dissecting scenarios)…

ScenarioProbabilityAnticipated Price Action
ConsolidationHighBetween 15850 and 15550
DowntrendMedIf breach below 15550; to drop somewhere till 15350
UptrendLowIf breach above 15850; to rise somewhere till 16150

The lack of volatility is always a sign of quiet before storm. With weekly timeframe also showing signs of exhaustion, my bias is on the downside for next couple of weeks. But market doesn’t read my blogs. So, 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.

3 thoughts on “Jun21-W2: Nifty Index 50 to slowly slide this week (Jul5 to Jul9)?”

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