Nov21-W3: Nifty to rise till 18300ish this week? (Nov15 to Nov19
As described last week, level of 18,000 was did play a critical role as Nifty played see saw with that level throughout the week. The end of week saw a good green candle taking Nifty decisively above 18,000 level
It is the green channel which matters now. Given the previous swing highs, I of course anticipate Nifty to breach the upper channel. The question will then become if Nifty can maintain its momentum and touch mid / top lines of purple channel. It may just happen. In that case, Nifty can go till 18300 or even 18400. On the other hand, a breach below the green channel can take Nifty back to 17600ish levels
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
Consolidation - Between 18300 and 17875
Downtrend - If breach below 17875; to drop somewhere till 17600
Uptrend - If breach above 18300; to rise somewhere till 18600
Stubble burning is causing a lot of pollution. Nifty’s charts too appear polluted with all these red candles. Or maybe I should just wash my eyes.
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.
It is the green channel which matters now. Given the previous swing highs, I of course anticipate Nifty to breach the upper channel. The question will then become if Nifty can maintain its momentum and touch mid / top lines of purple channel. It may just happen. In that case, Nifty can go till 18300 or even 18400. On the other hand, a breach below the green channel can take Nifty back to 17600ish levels
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
Consolidation - Between 18300 and 17875
Downtrend - If breach below 17875; to drop somewhere till 17600
Uptrend - If breach above 18300; to rise somewhere till 18600
Stubble burning is causing a lot of pollution. Nifty’s charts too appear polluted with all these red candles. Or maybe I should just wash my eyes.
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.
