Last week’s prediction stands as one of the most perfect predictions I have made till date. Nifty exactly took resistance from my last week’s red colored horizontal resistance line. It then went to middle of this black channel.
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)
Even though Nifty has taken a beating on daily timeframe, its trend is still strong on weekly charts. However, I do see divergence on weekly timeframe and therefore there can be weakness. However, it may take some time for this weakness to become a downtrend. Therefore, I believe at least the first half of the coming week will go in consolidation and eventually a downtrend should commence. Honestly, I am not very sure about the coming week and this is only a half-hearted prediction
Scenarios for the week ahead (highlighted as yellow box with red and greeen lines dissecting scenarios)…
|Scenario||Anticipated Price Action|
|Consolidation||Between 18400 and 17850|
|Downtrend||If breach below 17850; to drop somewhere till 17650|
|Uptrend||If breach above 18400; to rise somewhere till 18750|
Everyone is worried about inflation even though it has not reflected on the WPI and CPI yet. However, there exists this universal consensus about inflation about chips, crude, metals, transport…comb, toilet paper, salt…basically everything. Such apprehensions usually become self-fulfilling prophecies. I wonder.
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.