Oct22-W1: Is RBI action enough to stop downtrend? (Oct3 to Oct7)
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What I said last week was Nifty should not be able to go below 16800 . This is exactly what happened, except for maybe 20 odd minutes. Now the following is my analysis for coming week:
RBI saved the day or rather week. It is too early to say that the downtrend has stopped. I cannot judge that until the end of this week. There needs to be more price action or more data to make the conclusion. I expect buyers and sellers to remain confused this week and hence, Nifty shall consolidate. It is a short week anyway.
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
Consolidation - Between 17250 and 16725
Uptrend - If breach above 17250; to rise somewhere till 17650
Downtrend - If breach below 16725; to drop somewhere till 16350
Russia has started annexing parts of Ukraine, coincidentally near Dussehra. Who is good, who is evil? God knows
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.
RBI saved the day or rather week. It is too early to say that the downtrend has stopped. I cannot judge that until the end of this week. There needs to be more price action or more data to make the conclusion. I expect buyers and sellers to remain confused this week and hence, Nifty shall consolidate. It is a short week anyway.
Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…
Consolidation - Between 17250 and 16725
Uptrend - If breach above 17250; to rise somewhere till 17650
Downtrend - If breach below 16725; to drop somewhere till 16350
Russia has started annexing parts of Ukraine, coincidentally near Dussehra. Who is good, who is evil? God knows
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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