As described last week, level of 18,000 was did play a critical role as Nifty played see saw with that level throughout the week. The end of week saw a good green candle taking Nifty decisively above 18,000 level
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)
It is the green channel which matters now. Given the previous swing highs, I of course anticipate Nifty to breach the upper channel. The question will then become if Nifty can maintain its momentum and touch mid / top lines of purple channel. It may just happen. In that case, Nifty can go till 18300 or even 18400. On the other hand, a breach below the green channel can take Nifty back to 17600ish levels
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
|Scenario||Anticipated Price Action|
|Consolidation||Between 18300 and 17875|
|Downtrend||If breach below 17875; to drop somewhere till 17600|
|Uptrend||If breach above 18300; to rise somewhere till 18600|
Stubble burning is causing a lot of pollution. Nifty’s charts too appear polluted with all these red candles. Or maybe I should just wash my eyes.
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.