Nifty weekly view
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In the previous newsletter, it was mentioned that the chart setup for NIFTY50 was bullish, and
there was an expectation of continued upward momentum in line with the uptrend. The breadth
of NIFTY50 was in a neutral zone, indicating the potential for a strong breakout to work effectively.
As anticipated, the market performed well in accordance with the view provided.
As for the current chart setup of NIFTY50, it remains bullish, and the Point & Figure X% breadth of
NIFTY50 still indicates a neutral zone. Therefore, any breakout in the direction of the prevailing
trend is likely to be successful.However, it's important to note that there is a concern about the high disparity in the current
scenario. This suggests that there might be some price or time consolidation in the future.
Traders and investors should be prepared for the possibility of temporary pauses in the trend.
To resume the current uptrend, a close above the level of 19822 will be a positive signal. On the
other hand, if NIFTY50 closes below 19320, it could be the first indication of a potential trend
reversal.For short-term traders, it's relevant to consider that NIFTY50 has support in the range of 19200-
19350, and resistance lies in the range of 19999-20111.
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