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Weekly analysis : NOTHING MUCH; BUT DOWNWARD DRIFT CONTINUES - 21/06/2019

NOTHING MUCH; BUT DOWNWARD DRIFT CONTINUES - 21/06/2019.

 

BIAS REMAINS BEARISH.

 

Nifty still remains in a Trading Range but the downward drift continues. On a weekly basis, Nifty is down by around 100 points but if one considers the intraday scenario then the Nifty movement on each day is at least more than double. Every attempt at moving higher is thwarted by strong Selling and as a result, the Short Term Trend has turned Bearish. Despite the inability of the Nifty to sustain at higher levels, we still remain in Trading Range between 12103-11614. This week successfully tested the lower boundary on practically every day except on Friday. A Bullish follow-up was expected on Friday, but a lack of it raises questions about the ability and willingness to move higher. A downward break of the Trading Range will lead the Nifty to test the strong weekly Support in the form of Bullish Gap between 11591-11426.

 

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