Oct22-W3: Wait and watch till Diwali? (Oct17 to Oct21)

What I said last week was that I was clueless about Nifty’s direction. It turned out that Nifty too was clueless as its weekly candle made big wicks but small body. Now the following is my analysis for coming week:

This is going to be the 3rd consecutive weekend when I continue to be clueless about Nifty’s direction. This is nothing new though. It is always the case around Diwali. So let me make more concrete analysis post-Diwali. However, Nifty should continue to consolidate this week also.

Scenarios for the week ahead (highlighted as yellow box with red and green lines dissecting scenarios)…

Consolidation - Between 17400 and 16850
Uptrend - If breach above 17400; to rise somewhere till 17725
Downtrend - If breach below 16850; to drop somewhere till 16500

I heard that all margin shortfall penalties are being refunded. Quite a Diwali gift, if so!!

DISCLAIMER: I am not a SEBI registered adviser. All the information provided on this website is for educational / informational purposes only and should not be taken as investment advice.

Trade fermée manuellement:

ROI for week: 1.24%
# of weeks traded: 28
Avg ROI per week: 1.25%