May22-W3: Nifty to breathe this time? (May16 to May21)
What I said last week was that the market should now ideally go for retracement. This did not happen though, as the market continued with incredible downtrend momentum for the whole week. Now the following is my analysis for coming week based on what I am looking at
Nifty is very near key support level of 15400 to 15600. I do not expect market to break this band easily. It will take a lot of momentum to do that, which is already spent over the past few weeks. Also, the need for retracement or consolidation is overdue. Thus, I maintain a neutral stand this week.
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
Scenario Anticipated Price Action
Consolidation Between 16225 and 15550
Downtrend If breach below 16225; to drop somewhere till 15050
Uptrend If breach above 16225; to rise somewhere till 16650
More than stock market, I believe the world needs to closely monitor wheat prices. After all, we can’t eat money especially digital money.
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.
Nifty is very near key support level of 15400 to 15600. I do not expect market to break this band easily. It will take a lot of momentum to do that, which is already spent over the past few weeks. Also, the need for retracement or consolidation is overdue. Thus, I maintain a neutral stand this week.
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
Scenario Anticipated Price Action
Consolidation Between 16225 and 15550
Downtrend If breach below 16225; to drop somewhere till 15050
Uptrend If breach above 16225; to rise somewhere till 16650
More than stock market, I believe the world needs to closely monitor wheat prices. After all, we can’t eat money especially digital money.
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.
