What I said last week was that the expected breakout should be bullish and Nifty may then move upward with more momentum. Though Nifty did give a breakout in upward direction, it somehow got resistance absolutely precisely at the red line which I drew. It eventually went below the pennant formation almost on the same day when pennant lines were intersecting. What are the odds…Now the following is my analysis for coming week:
There is this big purple color parallel channel. I have become fond of it. I have always been wanting Nifty to respect that channel and behave nicely inside it. I have been very patiently monitoring all the disrespect that Nifty has shown till now. But has the time of this channel finally come? That is a long term situation which will unfold in its due course of time. For this week, I anticipate consolidation
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)… Consolidation - Between 17875 and 17225 Downtrend - If breach below 17225; to drop somewhere till 16875 Uptrend - If breach above 17875; to rise somewhere till 18350
Gautam Adani is the second richest person in the world. Stranger things, isn’t it.
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.
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ROI for the week: 1.45% Number of weeks traded so far: 24 Avg ROI per week: 1.15%