NIFTY WEEKLY UPDATE

Aug 16, 2022

-first of all sorry members for not posting the update last week
SUMMARY

IMPORTANT OBSERVATION
-coming to data over the weekend let me share you something important
-whenever in the past usa market has given a bear rally retracement of 50% from bottom
-market have ended up creating the bottom
-that figure ended was crossed near 4230
-only hurdle will be on friday where 30% of s&p options will expire
-recently that action has created tops so will watch out for them
-again us mkt participants are all expecting markets to go down
-so i am more bullish that smart money will make the move
-i had told everyone from past few weeks this rally will be a disbelief
-fii turned net buyers
-we called that play with the indication that ruppee has topped off
-we called the play where indian market will decouple from the rest of the world

LOOKING FORWARD
-i am seen twitter timeline calling the bear market rally
-if true it would have ended near 16400
-16400 was the swing high and trendline break from there we are sitting long in the position
-in the channel i had discussed last week one minor hurdle remains which is the only thing stopping us from "all-time high"
-we need a close above 17800-17820 on daily basis and a weekly close above it will end all matters
-if a close above 17800 is achieved
*we will close above major bearish trendline in nifty
*a elliot wave 3 will see extension on weekly chart
*we will start to extend higher
*then all time high is probability increases
*bold prediction will be to safe we might hit 19500-20000 by diwali

FII ACTION PROVIDES MORE INCENTIVE IN HOLDING LONGS
*there might be some day a knee jerk sell-off to through weak hands of the market
*but observe that fii have just started buying
*the amount the fii sold in 2022 if they buy back just 30% of that positions
*20000 will be here in no time
*crude price falling is added incentive


note
*the above observation are based on pure market sentiment and data driven
*many traders are still in disbelief and waiting for that fall
*as i have advised in my telegram channel you have missed the majority
*but wait for the market to close above 17800-17820 we can start creating positional longs for diwali
*special thanks to to major twitter hands and novice twitter hands for keeping them out of this rally
*then advising them they are bullish now and are expecting new all-time high



TECHNICAL LEVELS FOR NIFTY
"need a close above 17820"
RESISTANCE
17820-17955-18040
SUPPORT
17730-17600-17540

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