NIFTY WEEKLY UPDATE

SUMMARY:
-dxy cooling down to 101.5
-shooting star candle formation on monthly chart
-US10Y@2.74%
-wall street showing some sort of strength
-now data last week was not good nor bad
-is the sharp fall in usa market factored the worst or the worse is yet to come
-question rises whether today nifty will break above its trading range of 15750-16420
-if does will it sustain or not
-as a technical analyst i will choose the charts

what do the chart say?
-on daily chart nifty has broken and closed above 20-dma
-vix indicator which was threatening to break above 25 level is now down to 21.5
-which is a very good sign
-if in the initial hour nifty sustains above 16470 and vix corrects further
-we will have a clear cut rally towards 16650-16670 as there is a gap that needs to be closed
-if we take the range action then as discussed in previous conversation also
-a range of 15750-16420
-gives a target of at least 16850-17000
-why 16850 as 16850 has taken multiple support and resistance
-and we have seen in the past that whenever market closes above 16850 we do actually move towards 17430-17550

BANKNIFTY HAD GIVEN A RANGE BREAK TRADE
CONTINUING THE TRADE PLEASE CHECK THE LINK BELOW FOR FURTHER UPDATE

monthly chart of external factors

daily chart of nifty


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DISCLAIMER
*my views are not trade recommendation
*please consult your financial advisor
*do not over trade
*manage risk and manage risk appetite