Hello Traders,
Since April 28th, my last analysis, the NIFTY50 has dropped almost 400 points to close at 22055 on Friday, May 10th! This was in line with my expectations and analysis! The intraday low was ~100 points lower. I left my forecast arrow unchanged, so you will be watching my work!
What can we expect from the index next week?
Overall to say, the index is in a sideways range, from 22794 to 21777! This behavior will either break out above 22794 or it will start a "sell-off" below 21777. For now, the probability of a break below 21777 is much higher.
A drop below 21777 will open the door for more selling pressure; probably to 21710 to 21530 to 21448! More bearish potential is possible!
While it will take a break of the recent ATH @ 22794, the bulls have a lot of work to do to push the price above this area. Seasonally speaking, we are entering a period of weakness for the next 3-4 months ("Sell in May....")!
A pullback to the 22500-22600 area is also possible. As long as clear facts are still missing, I will not give a clear count for the coming week!
Have a nice week.....
Ruebennase
Please ask or comment as needed.
Trading based on this analysis is at your own risk.
Since April 28th, my last analysis, the NIFTY50 has dropped almost 400 points to close at 22055 on Friday, May 10th! This was in line with my expectations and analysis! The intraday low was ~100 points lower. I left my forecast arrow unchanged, so you will be watching my work!
What can we expect from the index next week?
Overall to say, the index is in a sideways range, from 22794 to 21777! This behavior will either break out above 22794 or it will start a "sell-off" below 21777. For now, the probability of a break below 21777 is much higher.
A drop below 21777 will open the door for more selling pressure; probably to 21710 to 21530 to 21448! More bearish potential is possible!
While it will take a break of the recent ATH @ 22794, the bulls have a lot of work to do to push the price above this area. Seasonally speaking, we are entering a period of weakness for the next 3-4 months ("Sell in May....")!
A pullback to the 22500-22600 area is also possible. As long as clear facts are still missing, I will not give a clear count for the coming week!
Have a nice week.....
Ruebennase
Please ask or comment as needed.
Trading based on this analysis is at your own risk.