Weekly Recap:
The Nifty 50 closed the week at 22,795.90, marking a significant decline of -0.51%. The bearish momentum dominated the market, pulling the index lower as selling pressure intensified.
Key Weekly Levels for Next Week
Price Action Pivot Zone:
The crucial zone to watch for any potential reversals or trend continuation is between 22,721 - 22821.
Support & Resistance Levels:
Support Levels:
S1: 22,496
S2: 22,360
S3: 22,196
Resistance Levels:
R1: 22,974
R2: 23,100
R3: 23,404
Market Outlook:
Bullish Scenario: A sustained move above 22,821 and strength beyond 23,100 could attract buyers, leading to a possible retest of R1 at 23,234 and beyond.
Bearish Scenario: If 22,721 fails to hold, the market could witness further selling, driving Nifty towards S1 at 22,496 and possibly lower.
The Nifty 50 closed the week at 22,795.90, marking a significant decline of -0.51%. The bearish momentum dominated the market, pulling the index lower as selling pressure intensified.
Key Weekly Levels for Next Week
Price Action Pivot Zone:
The crucial zone to watch for any potential reversals or trend continuation is between 22,721 - 22821.
Support & Resistance Levels:
Support Levels:
S1: 22,496
S2: 22,360
S3: 22,196
Resistance Levels:
R1: 22,974
R2: 23,100
R3: 23,404
Market Outlook:
Bullish Scenario: A sustained move above 22,821 and strength beyond 23,100 could attract buyers, leading to a possible retest of R1 at 23,234 and beyond.
Bearish Scenario: If 22,721 fails to hold, the market could witness further selling, driving Nifty towards S1 at 22,496 and possibly lower.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.