Weekly Update-
Nifty- Benchmark indices corrected and traded in a narrow band this week. 5650 was achieved as posted in last week's update. Now, where are we heading from here? Looking at the global setup, we are lagging behind in correction along with other Asian indices and a catch up should be underway soon. This correction should test the lower end of the channel around 5450-5500 before some relief rally comes into play. 5750 becomes the pivot and 5800 becomes a crucial level to watch for now on the upside. After some grinding, a decisive move should be seen in the coming week. Trade cautiously with strict stoplosses.
SP 500- Few weeks back, I had put out my update on US markets and rightly claimed that the correction was not over for the indices. Finally we have seen some decisive moves last week. Now if we do not get back above the lower channel in the next 2-3 sessions, the index will be on its way to test 1380-1400 pretty quickly. Looking at the damages seen in tech heavy Nasdaq after an extended rally, we are in for some decent correction with respect to other indices as well. Relief rally cannot be entirely ruled out in the coming week.
P.S: I am on travel and hence have limited access to internet. Until my next weekly update, have a wonderful trading week ahead!
Nifty- Benchmark indices corrected and traded in a narrow band this week. 5650 was achieved as posted in last week's update. Now, where are we heading from here? Looking at the global setup, we are lagging behind in correction along with other Asian indices and a catch up should be underway soon. This correction should test the lower end of the channel around 5450-5500 before some relief rally comes into play. 5750 becomes the pivot and 5800 becomes a crucial level to watch for now on the upside. After some grinding, a decisive move should be seen in the coming week. Trade cautiously with strict stoplosses.
SP 500- Few weeks back, I had put out my update on US markets and rightly claimed that the correction was not over for the indices. Finally we have seen some decisive moves last week. Now if we do not get back above the lower channel in the next 2-3 sessions, the index will be on its way to test 1380-1400 pretty quickly. Looking at the damages seen in tech heavy Nasdaq after an extended rally, we are in for some decent correction with respect to other indices as well. Relief rally cannot be entirely ruled out in the coming week.
P.S: I am on travel and hence have limited access to internet. Until my next weekly update, have a wonderful trading week ahead!
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