#Nifty - What's coming for the week 15 April to 18 April? Rise or fall?
Hi everyone,
Last week's life-time single-day spike on #Indiavix showing a severe panic. It's all because of #Trumptariff.
Until, Nifty breaks 21000 (which is 20% correction from top), I cannot name it as bear market.
That shock, which I believe continues to linger with, occurred a week ago. What comes next is a big question. I'm attempting to respond with basic technological analysis techniques.
Make a few notes. -
Indian market may be the least affected, but sentiment cannot be entirely isolated, so we may give it a 60% likelihood of experiencing a worldwide recession. Be aware that while the Indian market has several issues, corporate profits are the primary one. The #Nifty's climb this week might be restricted to the upper side. At the moment, #GIFTNIFTY is trading above 23300 levels.
Charts include several important levels.
The #NIfty50 200 WMA falls between 23650 and 23700. It is therefore essential.
If you examine the decline from 26277 to 21743, you will see that 38.20% of the retrenchment occurs at 23490 levels.
Two trend-changing peaks were observed recently, both close to 23850.
We must therefore take into account that the 23500–23800, or 23900, range will encounter significant obstacles. Currently, there is no assurance that the market will test the levels because the general atmosphere is negative.
We can wait to see how the market responds from anywhere around 23500. Avoid purchasing, at the very least.
Which scenario is best for bulls?
I know from past experience that a lot of alarming things appear in both the fundamental and chart near the panic bottom. If the market consolidates for a few days before rising, I predict a 20% rally based on present levels. For a few weeks, this consolidation might go on. If so, the low of 21750 needs to be preserved. Prior to the last support, a few crucial supports are 22700 and 22200.
What if it must collapse next?
If so, the collapse might start right now and react at 23500 or reach its maximum at 23850.
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