Jun21-W1: Nifty to consolidate this week (May31 to Jun4)?
Saying that Nifty has broken previous ATH would be a call made too soon. This week is crucial see if Nifty has broken the red resistance rectangle.
Thus, scenarios for the week ahead…
Consolidation (High probability) - Between 15500 and 15250
Downtrend (Low probability) - If breach below 15250; to drop till 15100
Uptrend (Low probability) - If breach above 15500; to rise till 15650
Lingering around ATH levels is always a very tricky situation and I personally think Nifty is far away from its averages and revert to mean is a good possibility. Thus, consolidation should be the name of the game, this week. Let’s see.
Thus, scenarios for the week ahead…
Consolidation (High probability) - Between 15500 and 15250
Downtrend (Low probability) - If breach below 15250; to drop till 15100
Uptrend (Low probability) - If breach above 15500; to rise till 15650
Lingering around ATH levels is always a very tricky situation and I personally think Nifty is far away from its averages and revert to mean is a good possibility. Thus, consolidation should be the name of the game, this week. Let’s see.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.