What I said last week was that there was no clear sense of direction which market may take. Well, Nifty only had 3 days to trade anyway. Even though 17550 was broken, there was not enough time to build momentum last week
The setup is ready for a good move on the downside. There are 2 parallel channels that I can see. Support lines for both channels can be seen interjecting around 17200 level. This may give some support but I would not be surprised if 17000 is also breached this week.
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
Consolidation - Between 17675 and 17200
Downtrend - If breach below 17200; to drop somewhere till 16850
Uptrend - If breach above 17675; to rise somewhere till 17900
The war between Ukraine and Russia is escalating. I wonder when the downfall of Nifty will escalate. I am eagerly awaiting the level of 14000.
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.
The setup is ready for a good move on the downside. There are 2 parallel channels that I can see. Support lines for both channels can be seen interjecting around 17200 level. This may give some support but I would not be surprised if 17000 is also breached this week.
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
Consolidation - Between 17675 and 17200
Downtrend - If breach below 17200; to drop somewhere till 16850
Uptrend - If breach above 17675; to rise somewhere till 17900
The war between Ukraine and Russia is escalating. I wonder when the downfall of Nifty will escalate. I am eagerly awaiting the level of 14000.
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.
