Nov21-W2: Level of 18000 to influence psychology for Nifty? (Nov
Based on volatility behavior, I was thinking last week that market will swing a lot. But it may not be wrong to say that it remained mostly upward. Being a 3 day week, it is difficult to conclude anything anyway.
The red channel is all that matters as of now. Since the larger timeframe (weekly) is still massively bullish, I would not be surprised if Nifty breaches the top of this channel and takes out 18,000 also. This can then potentially snowball in a large bull move which can bring a new ATH. However, all this requires a good momentum. All that will take some time. As of this week, it is a very stalemate of a situation and the level of 18,000 will define everything.
Consolidation -Between 18075 and 17750
Downtrend - If breach below 17750; to drop somewhere till 17450
Uptrend - If breach above 18075; to rise somewhere till 18300
I hope it has been a happy Diwali for all. However, the auto sector has declared Diwali 2021 as one of the most dismal times due to high costs. Auto sector is usually a leading indicator. Let’s see what happens by Diwali 2022.
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.
The red channel is all that matters as of now. Since the larger timeframe (weekly) is still massively bullish, I would not be surprised if Nifty breaches the top of this channel and takes out 18,000 also. This can then potentially snowball in a large bull move which can bring a new ATH. However, all this requires a good momentum. All that will take some time. As of this week, it is a very stalemate of a situation and the level of 18,000 will define everything.
Consolidation -Between 18075 and 17750
Downtrend - If breach below 17750; to drop somewhere till 17450
Uptrend - If breach above 18075; to rise somewhere till 18300
I hope it has been a happy Diwali for all. However, the auto sector has declared Diwali 2021 as one of the most dismal times due to high costs. Auto sector is usually a leading indicator. Let’s see what happens by Diwali 2022.
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.
