NIFTY INDEX WEEKLY UPDATE

INDEX UPDATE
NIFTY
-like explained last week 17430 and 16820 is our trading range
-we may open at the lower end or even lower
-dow/s&p/nasdaq all our are showing head and shoulders pattern on weekly chart
-i had shared a monthly chart of dxy (dollar index) which is on the verge of giving double bottom break
-us/10y are trading near 3% must not cross above that but if dxy is rising then it will also
-major red signal if "S-10Y BREAKS ABOVE US-30Y"
-risk of stagflation in US markets are running high now
-heading towards dot.com crash levels which were seen in early 2000
-will we decouple from global shock or usa markets are factoring 4th may fomc meet
-no one knows
-but eventually indian market will decouple i strongly believe but first need to whether the storm
-coming back to levels we must not close below 16820 on closing basis if we do we are heading lower
-monthly and weekly chart are not giving a good picture
-previous top was 18100 from there we came to 16825
-we started a fresh move which ended@17400 and we are expected to open below 16820
-we will start the may contract below the april month low which is indicating downside pain
-so taking the previous swing from 16820-17400 as target
-target below 16820 should be atleast 16400-16300 on downside
-dxy above 104 will raise alarms so watch out for dollar index
-on the upside in nifty unless 17430 is taken out
-i do not see further upside
-it would be good for markets to trade in the range of 16820-17430
-if it does trade in the range then market would have absorbed all global shocks and start its own fresh rally


DXY MONTHLY CHART
-its important to break above 104 for double bottom break

-dow/s&p/nasdaq all our are showing head and shoulders pattern on weekly chart

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nifty weekly chart