Sep22-W5: The mayhem has begun? (Sep26 to Sep30)
Diupdate
What I said last week was that I expected consolidation. Nifty pretty much did just that. It rose till my red resistance line and then fell. The fall on Friday though was a tad too much. Now the following is my analysis for coming week:
Yes, there are a lot of parallel channels on the chart. But I am most interested in the purple channel. With the recent price history, it now is going to be nearly impossible for Nifty to go above it. This means that Nifty will at least reach till mid of purple channel in due course of time. For this week, it ideally should not be able to go below 16800
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
Consolidation - Between 17600 and 16975
Uptrend - If breach above 17600; to rise somewhere till 18125
Downtrend - If breach below 16975; to drop somewhere till 16650
US has raised interest rates without giving a damn about fate of other nations. There will be blood on global financial markets.
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.
Yes, there are a lot of parallel channels on the chart. But I am most interested in the purple channel. With the recent price history, it now is going to be nearly impossible for Nifty to go above it. This means that Nifty will at least reach till mid of purple channel in due course of time. For this week, it ideally should not be able to go below 16800
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
Consolidation - Between 17600 and 16975
Uptrend - If breach above 17600; to rise somewhere till 18125
Downtrend - If breach below 16975; to drop somewhere till 16650
US has raised interest rates without giving a damn about fate of other nations. There will be blood on global financial markets.
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: 2.31%Number of weeks traded so far: 25
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