Indian Market Trend above 17000. What’s in Store Now?

Indian Market Trend above 17000. What’s in Store Now?

It’s getting apparent that whenever I mention ‘BE CAUTIOUS” the next day will be a FALL!

 

Indian Market Trend above 17000. WHAT NEXT?

See the highs mentioned as resistance yesterday is almost scaled up to, and NOW…

 

1. Highs of 17356 are touched yesterday and we had resistance at 17377.
2. Now SGX Nifty is down 90 points showing a negative trend.
3. The directional movement indicator is at its highest and exactly at the resistance zone.
4. Indian Market Trend is UP, but may hit a short pause till 17000 or 16866 levels.
5. Nifty is at the high range of Bollinger Band.

 

2) SGX Nifty Trend for Today on 2nd Aug 2022:

Today on 2nd August 2022 SGX Nifty is showing an 84 Point LOWER move at around 8:34 AM when I am writing this article.

SGX Nifty Trend on Live Chart denotes that the Indian Markets will react NEGATIVE.

So Indian markets especially Nifty Trend Today would have a probably NEGATIVE start.

 

3) World Market Analysis for Aug 2, 2022:

S&P 500: 11.65 (-0.28%)
NASDAQ: 7.19 (-0.06%)
Dow Jones: 46.73 (-0.14%)
Nikkei: 443.92 (-1.59%)

Though US Markets are not that negative, other Asian markets are totally taking a hit and are totally not supportive.

 

4) Nifty Supports and Resistances:

Nifty Supports: 17223, 17132, 17000, 16979, 16926

Nifty Resistances: 17377, 17400
GOOD READ: How To Choose The Best Option Strike Price For Landmark Success?

 

Indian Market Trend Conclusion:

1. Above and beyond the trend, when the technical analysis peaks reach, negativity in form of news automatically creeps in!
2. The last 4 peaks are straight up and not down. This is a sign that profit booking may seep in for a negative.
3. The directional movement indicator is at its peak and has its hand in pushing the Nifty down today.

 

MUST-READ: Can Day Trading Make You Rich For an Exhilarated Excuse Free Life?

Considering the trends globally and Technical Analysis Nifty Trend Today is NEGATIVE.

 

Please let me know your thoughts about today’s deep analysis of Nifty in the COMMENTS below.

Follow me on Facebook and Youtube.

Happy Trading and Happy Money Making!