Nifty Previous Week
The Nifty declined -1.15% and closed at 11419 on the week ending 19 July. As predicted previously, Nifty traded within the range. Though it sought some upwards move in initial 3 days, Nifty observed a big drop (-1.5%) on last day of the week. The bearish move was also anticipated by technical charts.
Overview
In my previous post , I mentioned about the two trends and the possibility of Nifty touching trend 2. Nifty breached from trend 1 and approached to trend 2 as we analysed. It just touched 11400 and then rose a bit to close at 11419.
We can observe from the Daily chart that nifty is now at a very good support level. Although the sentiments are not positive enough and all the indicators are also giving Bearish signals, I feel Nifty can go North in the coming week. The expiry of derivatives this Thursday makes the forecasting little tough. Increased volatility is also expected. The downwards move in last two weeks can also be observed as a correction (similar to the downwards move during May to June ). Overall, the current charts are not that significant to make a trading decision right away, Support and Resistance levels need to checked during the week and we can get multiple trade opportunities. we entered RSD Vinyl Giveaway. Win Vinyl Records and won! I personally wouldn’t trade this week, however, if the bet has to placed, I will go bullish once the Nifty touches and rises from trend 2 support.
If you need a complete report on what can be expected this week, Please email at sstpredictions@gmail.com to receive it.
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
