Fin Nifty Prediction for 22 July 2024 along with S & R
Fin Nifty Prediction for 22 July 2024 along with Support & Resistance
The Nifty Financial Services Index is currently showing signs of a potential correction, as indicated by a negative RSI crossover, a rising wedge pattern, and a head and shoulder pattern with the breakdown of the right shoulder. These technical indicators suggest potential downside targets in the range of 23,400 to 23,250, either through a gap down or on an intraday basis.
Initial support for the index is around 23,388, followed by 23,250 to 23,150 if the 23,400 level is breached. Conversely, resistance is noted at 23,800. Recently, the Nifty Financial Services Index has experienced significant consolidation within a range defined by the upper limit of 23,800 and the lower limit of 23,400.
To gain deeper insights into potential support and resistance zones, Fibonacci retracement levels have been applied to the Nifty Financial Services chart. These levels are essential for identifying key areas where price reversals or continuations might occur, aiding traders in making informed decisions. The current consolidation phase highlights the importance of closely monitoring these critical levels. A breakout above 23,800 or a breakdown below 23,400 could indicate the next major move for the Nifty Financial Services Index, providing crucial information for traders and investors focusing on Fin Nifty.
Max Pain: 23,600 PCR: 0.71 IV: 23.11 as on 19-07-2024 On closing basis
The overbought condition suggested by the PCR implies that Nifty Fin Services may experience a bounce back at support levels during either half of the trading session. Traders should be prepared for increased market activity and potential shifts in trend.
Disclosure: I am not SEBI registered. The information provided is for educational purposes only and should not be considered financial advice. Consult a qualified financial advisor before making any investment decisions. Social media shares are neither advice nor endorsed by the publisher.
The Nifty Financial Services Index is currently showing signs of a potential correction, as indicated by a negative RSI crossover, a rising wedge pattern, and a head and shoulder pattern with the breakdown of the right shoulder. These technical indicators suggest potential downside targets in the range of 23,400 to 23,250, either through a gap down or on an intraday basis.
Initial support for the index is around 23,388, followed by 23,250 to 23,150 if the 23,400 level is breached. Conversely, resistance is noted at 23,800. Recently, the Nifty Financial Services Index has experienced significant consolidation within a range defined by the upper limit of 23,800 and the lower limit of 23,400.
To gain deeper insights into potential support and resistance zones, Fibonacci retracement levels have been applied to the Nifty Financial Services chart. These levels are essential for identifying key areas where price reversals or continuations might occur, aiding traders in making informed decisions. The current consolidation phase highlights the importance of closely monitoring these critical levels. A breakout above 23,800 or a breakdown below 23,400 could indicate the next major move for the Nifty Financial Services Index, providing crucial information for traders and investors focusing on Fin Nifty.
Max Pain: 23,600 PCR: 0.71 IV: 23.11 as on 19-07-2024 On closing basis
The overbought condition suggested by the PCR implies that Nifty Fin Services may experience a bounce back at support levels during either half of the trading session. Traders should be prepared for increased market activity and potential shifts in trend.
Disclosure: I am not SEBI registered. The information provided is for educational purposes only and should not be considered financial advice. Consult a qualified financial advisor before making any investment decisions. Social media shares are neither advice nor endorsed by the publisher.
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.