Jul22-W4: Nifty to correct till 16450 but then what? (Jul25-29)
What I said last week was that the Nifty can go till 16500. But Nifty blasted itself all the way till 16750. Now the following is my analysis for coming week:
I am no expert at wave theory but Nifty has made 3 tops respectively around 16050, 16600 and 16750. If my theory is correct, Nifty should undergo a correction and find support around a Fibonacci level. The nearest support is around 16450. After reaching it, I have no clue what Nifty will do. It has found a good upward momentum and the psychological level of 17000 appears tempting. But I would bet more on Nifty going down from now, to eventually meet its long term target of 14500.
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
Consolidation - Between 16325 and 17050
Downtrend - If breach below 16325; to drop somewhere till 15850
Uptrend - If breach above 16425; to rise somewhere till 17050
Despite the immense challenges in personal life, Droupadi Murmu went all the way to become India’s president. Disciplined meditation played a big role in making that happen. The power of discipline is seriously spectacular!!
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.
I am no expert at wave theory but Nifty has made 3 tops respectively around 16050, 16600 and 16750. If my theory is correct, Nifty should undergo a correction and find support around a Fibonacci level. The nearest support is around 16450. After reaching it, I have no clue what Nifty will do. It has found a good upward momentum and the psychological level of 17000 appears tempting. But I would bet more on Nifty going down from now, to eventually meet its long term target of 14500.
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
Consolidation - Between 16325 and 17050
Downtrend - If breach below 16325; to drop somewhere till 15850
Uptrend - If breach above 16425; to rise somewhere till 17050
Despite the immense challenges in personal life, Droupadi Murmu went all the way to become India’s president. Disciplined meditation played a big role in making that happen. The power of discipline is seriously spectacular!!
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.
Related publications
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.