Nifty Technical Outlook: The market struggled a bit during the week but finally hoisted itself above the weekly pivot by the end.
When the week started with a yawning gap, it seemed like the prices may tank. When we had follow-up action on Tuesday and the world markets were also getting pulled down a bit, it did seem like we may go lower. The prices, during the decline, managed to marginally break the last swing lows too, increasing the palpitations of long holders.
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The intermediate-term support trendline was also slightly broken. It all seemed dismaying. Bears, tasting blood, moved in for the kill. They piled on a huge amount of Call option shorts, driving the Put-Call Ratio down to a very low level of 0.49 on the Nifty. This was quite oversold by recent standards.
The holiday mid-week allowed the market to recoup. The market drop in the U.S. mended itself, the expected did not happen, and taking advantage of the break the bulls managed to yank the market higher over the next two sessions, bringing the index once again to the doorstep of the breakout that we have all been waiting for.
The question that was before us a week ago is once again posed – will the Nifty breakout above 16,000 occur now?
For cues on that, I went to my favourite Neotrader software to check the scenario.
First, I looked at the momentum status. Here is how it looked as of Friday.
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