Weekly Nifty Update – 28 July 2019 .. May be some calm before the storm

 

This week was more sedate than the last week when the Nifty had a few hundred points of High/Low range. It was more of a reluctant trend continuation for the Bears lacking any real punch.

 

Let’s start the review with the smallest timeframe first today.

 

Nifty Short Term

 

  • One of the reasons for the pause in this week could be that Nifty has reached the downside pattern target for the Bearish Flag formation.
  • 11300 is the pivot currently and the more time Nifty spends below it more the probability for the fresh down leg to start.

 

Nifty 1 Hour

 

 

Nifty Intermediate-Term

 

  • Nifty pausing at 200 EMA as discussed in last week’s post.
  • 20 & 50 EMA crossover is gaining strength.
  • All the indicators are on the verge of reversing from the low end.
  • Expect some sideways action with downward bias.

 

Nifty Daily

 

 

 

Nifty Long Term

 

  • The RSI and PPO negative crossovers are accelerating.
  •  The uptrend line is decisively broken

 

Nifty Weekly

 

Nifty Long Term

 

  • Higher timeframes are expected to dominate all other timeframes on the chart.
  • The monthly chart given below is very bearish.
  • Nifty on the verge of breaking below the uptrend line of the Bearish rising wedge.
  • PPO has given a negative crossover after a feeble attempt to move on the upside.
  • Both RSI and PPO sporting negative divergence.

 

 

Nifty Monthly

 

Next week may see some sideways action before the correction starts again in August, but there’s no guarantee that Nifty will hold even for the next few days.

 

 

 

 

 

 

Weekly Nifty Update – 28 July 2019 .. May be some calm before the storm
Unleash the Ideavirus