NSE:NIFTY fell by 234 points on 21st July 2023 and is now at 19745. It is shy of 255 points to reach the 20K summit. I feel in the coming week due to the positive inflow of funds from Foreign Portfolio Investors(FPI's) and no negative news bothering the Indian economy, NSE:NIFTY will surpass the 20000 mark by 28th July 2023. Even if NSE:NIFTY were to fall on Monday 24th July 2023, it will find support at 19700 level and may move sideways for a few days before it makes a second attempt to scale the 20K peak.
Here is the reason why I feel NSE:NIFTY will move upward from 19745 or move sideways at 19700 level.
I have highlighted on the chart of how NSE:NIFTY had reached a new high of 19400 on 4th July 2023 and fizzled out. After reaching 19400, it formed successive Red candles and yet it did not slip to its support of 18800, instead it held its ground and was hovering around the 19400 level for 8 trading days before continuing on its Bull Run. As we have seen in Technical Analysis and Charting, History tends to repeat it self and so I feel NSE:NIFTY is going to play out the same way again.
19700 support is marked in light pink. 19400 support is marked in crimson red.