Nifty - Confused & Rangebound
As stated in the previous week's blog, Nifty is still in a confused state, or in other words, you can say it is the range bound.
To go up or down at least Nifty needs to break the 15373 levels on the upper side or it needs to break down of level of 14800. Only then we can decisively say that Nifty found its way to move either way.
After studies global scenarios and technical indicators, we find these points very important
Crude prices are going to touch more hights in near future, which is not good for the global stock market, but especially for Indian Stock Markets.
Maximum Global Indices are trading at their peaks.
Market PE ratios are very high, and actually losing their meaning.
US Bonds yields increase is a big concern for global indices
Covid19 is still hovering and again opens its wings in some countries.
Also, we need to keep an eye on the fluctuation of the US Dollar index.
Coming two weeks are very crucial for Indian indices, as it is at its make or break level.
The good part is that technicals are still favouring Nifty for upside in coming weeks and possibly it can break its previous high level in near future and go beyond.
Market breadth is still intact bullish
Nifty has not broken its trend line in the chart, so hopes are still on the positive side.
Thanks for reading