Jun21-W4: Nifty Index 50 to decide direction this week (Jul19 to Jul23)?

Nifty Index 50 has consolidated for far too long and now seems to be itching to create all time high. The lack of momentum though is a dampener and 15900 – 16000 range has acted has strong resistance

Now, here’s what I am looking at:

RSI is good representation of what has been happening. The sandwich between trendlines is simply not getting digested. Like I said earlier, it is clear that if Nifty reclaims parallel channel, buyers will win but drop below green trendline will give opportunity to sellers. As of now, I do not have any bias.

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

ScenarioProbabilityAnticipated Price Action
ConsolidationHighBetween 16000 and 15775
DowntrendLowIf breach below 15775; to drop somewhere till 15600
UptrendLowIf breach above 16000; to rise somewhere till 16150

At a global level, there seems to be quiet and peace everywhere. At a local level though, the impact of earnings can influence the swing either way. 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-W4: Nifty Index 50 to decide direction this week (Jul19 to Jul23)?”

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