NIFTY WEEKLY UPDATE

22 ago 2022

OBSERVATION
*i had in advance told you there will be one knee-jerk reaction in markets
*we expect a move on friday on the down side
*we are prepared for that action
*on friday we expect us market will fall
*reason there was huge expiry in s&p 500 expiry
*dollar index again above 108 and sustaining
*US-10Y again above 3%
*s&p 500 rejected 200-dma
*fii have sold heavily on friday in f&o
*cash buying is still strong
*pcr has come down

NIFTY TECHINCAL VIEW
-weekly chart candle on nifty is not giving good signs for nifty
-on weekly chart we can see a gravestone doji on weekly chart
-we can see a price wise conrrection or timewise correction
-but still the market is a bull run
-consolidation is good for the markets
-nifty on daily chart made a bearish candle
-we tested the major trendline breakout
-any close below 17550 will cause us to exit from short-term longs
-friday panic sell was led by dii selling
-pcr is down to 0.8 from 1.37
-unitl we are above the trendline in daily chart i am holding longs
-my view is strong for positional view
-only issue is global hinderance
-plus retal have 2.8 lac contracts in put writting
-they will be taken to cleaners
-i am expecting a move towards 17550-17580 in intraday

techinical levels
support crucial supports for the market
here market should not break and close below this levels
17630-17580-17500
resistance level
17800-17860-17970

FOR POSITIONAL AND FIBONACCI TRADERS
FIBO LEVEL OF 23.6% NEAR 17330
20-DMA LEVELO@17300
IDEAL PLACE TO ADD POSIITONAL LONGS


NOTE:
*for more updates check the link in the signature box below
*find regular updates for market in the channel