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.
