Nifty Previous Week
The Nifty declined -0.2% and closed at 11811 on the week ending 5 July. As predicted previously, it kept very well within the range. Nifty observed a big drop of -1.13% on last Friday owing to “Budget” information. The bearish move was also anticipated by technical charts. The Primary trend is still Bullish.
Overview
The long term view is Bullish as seen in the below chart. It’s trading in a well-observed parallel channel. However, from weeks point of view, there could be a possible downwards movement. The Nifty opened up with Gap on 20th May 2019 which is yet to be filled. In addition to this, the budget has created some downside sentiments or selling pressure. Both the factors along with different indicators point towards a downward move before rising up. Overall, a range bound to bearish move can be expected by the end of the week.
Prediction
Disclaimer
This article is to introduce readers / traders/ students about the predicting aspects of trading and doesn’t guarantee any success. Trading is a very risky business and losses can exceed investments. Trade at your own risk
