It was another poor week for bullish traders. Started weak and then continued lower to finish poorly too. Now, where have I heard that song before?
Stocks in Asia fell on Thursday amid efforts to rein in inflation even as JPMorgan Chase & Co.’s Jamie Dimon sounded alarm bells on the economy.
Nifty Weekly Forecast: The pathway for the index seems to be fairly set for the week ahead. A nice range has formed, which can be better seen using an intraday chart.
Nifty Weekly Technical Forecas: Traders continue getting tossed around by the market. We started weak, rallied up, then gave it all back, only to rally back again by the end of the week. So, the saga of volatility continues. Intra-week trading remained very difficult as gaps and lack of a follow-through kept taking a toll on whatever positions were created. The VIX moved sharply as uncertainty deepened and nervousness increased. Everyone is searching for a bottom that is proving to be elusive so far. The week in pictures was thus.
Nifty Trading Zone: “Nifty after falling gap down has formed a hammer like pattern after a fall, suggesting possibility of an upward reversal. Advance decline ratio fell to much below 1:1 suggesting broad based profit taking in the markets. Nifty could remain in the 17405-17855 zone in the near term,”.
Nifty Weekly Forecast: When playing the markets, particularly with trading, it would be wise to remember, always, one of the statements made by Elon Musk. ‘Success is one of the possible outcomes’, he said, talking about one of his ventures.