Aug21-W3: Nifty to rise slowly this week (Aug16 to Aug20)?

NSE:NIFTY   Nifty 50 Index
Like I was anticipating, Nifty did have momentum. Nifty did reach top of my red rectangle . But what Nifty did next was not anticipated. It broke above the rectangle and ended Friday with a big green candle.

This is a strong uptrend. It would not allow market to go low. RSI too does not have any divergence. Thus, market may continue to move up or stay around this height. The mid or top of parallel channel should be the target.

Scenarios for the week ahead (highlighted as yellow box with black lines dissecting scenarios)…

Consolidation - Medium probability - Between 16675 and 16350
Downtrend - Medium probability - If breach below 16350; to drop somewhere till 16050
Uptrend - Medium probability - If breach above 16675; to rise somewhere till 16925

Fundamentally, there is still no news that can pause this juggernaut of a market. The world is living in euphoria. It remains to be seen how long this lasts.

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