Aug22-W3: Nifty’s momentum divergence to cause decline? Aug17-19
What I said last week was that I would not be surprised if Nifty breaches 17500. I was wrong as Nifty went even past 17700. Now the following is my analysis for coming week:
Nifty momentum indicators are exhausting. It is not really visible on this chart. The 13-day stochastic can be considered to be showing weakness if it does not go above 98.72 in next 2 trading days. The target in that case shall be 13 EMA i.e. somewhere around 17000. It won’t happen this week. There are barely 3 trading days this week.
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
Consolidation - Between 17950 and 17550
Downtrend - If breach below 17550; to drop somewhere till 17150
Uptrend - If breach above 17950; to rise somewhere till 18150
It has been 75 years since India gained independence. We must remember and thank our forefathers for it. We must now strive for financial independence, so that our children can live even happier.
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.
Nifty momentum indicators are exhausting. It is not really visible on this chart. The 13-day stochastic can be considered to be showing weakness if it does not go above 98.72 in next 2 trading days. The target in that case shall be 13 EMA i.e. somewhere around 17000. It won’t happen this week. There are barely 3 trading days this week.
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
Consolidation - Between 17950 and 17550
Downtrend - If breach below 17550; to drop somewhere till 17150
Uptrend - If breach above 17950; to rise somewhere till 18150
It has been 75 years since India gained independence. We must remember and thank our forefathers for it. We must now strive for financial independence, so that our children can live even happier.
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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