Only a sustained close above the 17,300- 17,350 zone is likely to trigger bullish momentum toward 17,500 – 17,550. Overall, the stance has turned bearish and Nifty stands at the strong polarity support of 16,800 – 16,750 levels, failing to hold which the index is likely to see a further correction towards 16,450 – 16,400 zones. Similarly, the index on the daily time frame also finds a strong resistance near its 21 EMA which is placed at 17,280 levels. In the previous week, the index drifted below its 50-week exponential moving average and continues to trade below the same. Chaos Phoenix, Chaos Scans, Chaos Player These are the latest commercial releases of Chaos Corona. On the daily chart, the index is trading in a lower high lower low formation within the falling channel pattern which suggests bears are having an upper hand in the current technical formation. The index has formed a bullish ABCD harmonic pattern at 16,850 levels and prices have retested their PRZ levels on the past couple of occasions. See specs for the Quadro RTX 5000, Quadro RTX 6000 and Quadro RTX 8000 on Nvidia’s website. Read Nvidia’s launch announcement for its new Turing GPU architecture and Quadro RTX GPUs. Technical Outlook: ET CONTRIBUTORS The Benchmark index continued to trade in a bearish mode for the 3rd consecutive week but traded within the previous week's candles range and closed at 16,945 levels with a loss of 0.91% on the weekly closing basis. The Quadro RTX 5000 has an estimated street price of 2,300 the RTX 6000 has an ESP of 6,300 and the RTX 8000 an ESP of 10,000. Market participants can consider this as a buying opportunity to accumulate sound stocks with robust fundamentals, free cash flows, and less leverage for a longer horizon while ignoring the short-term hiccups. ET CONTRIBUTORS Given the global macroeconomics, a significant positive trigger would be required to stop this corrective phase. As can be seen from the table, the probability of loss decreases to zero in the longer term as the investment horizon increases. The table below shows the probability of loss of the BSE Sensex index from 1980 on a Calendar Year (C.Y.) basis. The benchmark runs using Chaos Corona 1.
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