WEEKLY ANALYSIS FOR WEEK ENDING 2ND MAY

 DURING THE WEEK GONE BY, NIFTY SPOT  MADE A HIGH OF 6869, LOW OF 6772 & CLOSED AT 6782 VERY NEAR THE LOWEST POINT OF THE WEEK WHICH IS NOT AT ALL A HEALTHY SIGN FOR NIFTY. MORE ALARMING IS THE FACT THAT THE HIGH, LOW & THE CLOSING OF THE WEEK NEAR THE LOWEST POINT  WAS ALL ON THE SAME DAY ON FRIDAY 25TH APRIL. THE PREVIOUS WEEKLY CANDLE FOR THE WEEK ENDING 17TH APRIL WAS A RED HAMMER THAT HAD MADE AN INSIDE CANDLE TO ITS PREVIOUS WEEK ENDING 11TH APRIL WEEKLY CANDLE. HOWEVER THIS WEEKS DANGEROUS CANDLE IN THE FORM OF A  WEEKLY RED SHOOTING STAR IS NOT AT ALL AN ENCOURAGING SIGN FOR THE BULLS WHO HAVE BEEN ACCUMULATING LONG POSITIONS &  WITH IT WRITING 6900 & 7000 CALLS TO HEDGE  THE LONG NIFTY. MOST LIKELY NIFTY IS SET TO SLIDE FURTHER  DEFYING THE MODI WAVE SPURT WHICH LOOKS SOME WHAT SATURATED AS OF NOW. HOWEVER THE SLIDE FOR A COUPLE OF DAYS MUST BE TAKEN AS A GOD SENT OPPORTUNITY FOR THE ONES WHO HAD MISSED
THE RECENT BULL RUN TO BUY BOLDLY & HOLD AS LONG AS SPOT NIFTY DOES NOT SLIDE MUCH TO CLOSE BELOW 6650. IF THAT HAPPENS THEN ONE MAY THROW AWAY ALL THE LONG POSITIONS AND BOLDLY  INITIATE SHORT POSITIONS. FIBO 61.8% RETRACEMENT LEVEL FROM  16TH APRIL LOW OF  6665  SPOT TILL 25TH APRIL HIGH OF 6869 COMES AROUND 6737 TO 6740 THAT SHOULD DELAY THE DOWN SIDE IF NOT DENY IT.

THE DAILY CANDLE OF FRIDAY WAS A DEVASTATING BEARISH ENGULFING  DAILY CANDLE THAT MAY SEE BEARS CONTINUING  TO SHORT THE MARKETS WITH FULL VIGOR & VITALITY TILL SUCH TIME OVERPOWERED  BY THE BULLS TO TAKE NIFTY UP AGAIN TO BREACH THE FRIDAY’S BEARISH ENGULFING HIGH OF 6869 SPOT. FRIDAY’S BEARISH ENGULFING CANDLE IS SO DEVASTATING THAT BESIDES FULLY ENGULFING THE THURSDAY’S CANDLE, IT HAS ALSO ENGULFED THE CANDLES OF WEDNESDAY & TUESDAY. THE CLOSING OF FRIDAY’S CANDLE AT 6782 SPOT BELOW THE LOWS OF ITS  THREE PREVIOUS DAYS  THAT TOO BELOW THE LOWS OF WEDNESDAY 22ND APRIL’S CANDLE  WHICH WAS A 7TH NR CANDLE,  HAS REALLY INFUSED HIGHLY POTENT  STEROIDS INTO THE BEARS  WHO HAD BEEN CONTINUOUSLY HAMMERED OUT OF SHAPE FOR SO MANY WEEKS. NOW THE SITUATION HAS BECOME SUCH THAT EVERY INTRADAY RISE WILL INVITE MERCILESS SHORTING AS LONG AS SPOT NIFTY CONTINUES TO REMAIN BELOW 6830 TO 6844 SPOT ZONE. SUSTAINING ABOVE THIS SPOT ZONE  MAY SEE RESUMPTION OF THE BULL RUN.

 FRIDAY’S DEVASTATING FALL RIGHT FROM THE START AFTER MAKING A NEW LIFE TIME HIGH AT 6869 TO MAKE A LOW OF 6772 & TO CLOSE AT 6782 ALTHOUGH HAS MADE THE INTRADAY INDICATORS LOOK HIGHLY OVERSOLD FOR A BOUNCE, YET THE NEGATIVE DIVERGENCES FORMED ON SOME OF THE INDICATORS OF THE DAILY CHARTS MAY START TO TAKE EFFECT THAT MAY PULL NIFTY FURTHER DOWN EVEN THOUGH THE INTRADAY INDICATORS LOOK HIGHLY OVERSOLD. THE SUPPORT LINE JOINING THE LOWS OF 14TH MARCH, 22ND MARCH & 16TH APRIL  RISE UP TOWARDS 6737 THAT SHOULD PROVIDE THE IMMEDIATE SUPPORT TO SPOT NIFTY ON MONDAY OR TUESDAY BUT WITH  REST OF THE WORLD MARKETS TAKING A BEATING AT THE HANDS OF US MANIPULATORS, THE CHANCES OF NIFTY RISING IMMEDIATELY TO BREACH THE HIGH OF 6869 EARLY NEXT WEEK LOOKS HIGHLY REMOTE & ON THE CONTRARY MAY SLIDE DOWN FURTHER TO BREACH 6737 TO FALL FURTHER TO THREATEN THE MOST CRITICAL LEVEL OF 6665 OR THE  PERFECT DOJI LOW OF  7TH APRIL AT 6650 

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