Nifty 50 Weekly Analysis: Key Levels & Trend Outlook

Weekly Recap:
The Nifty 50 closed the week at 22,397.20, marking a significant Decline of -0.69%.

Key Weekly Levels for Next Week
Price Action Pivot Zone:
The crucial zone to watch for any potential reversals or trend continuation is between 22,472 - 22,323.

Support & Resistance Levels:
Support Levels:

• S1: 22,698
  
• S2: 21,802
  
• S3: 21,448
  

Resistance Levels:

• R1: 22,100
  
• R2: 23,000
  
• R3: 23,426
  

Market Outlook:

• Bullish Scenario: A sustained move above 22,472 could attract buyers, driving Nifty towards R1 at 22, and possibly higher.
  
• Bearish Scenario: If 22,323 fails to hold, the market could witness further selling, driving Nifty towards S1 at 22,100 and possibly lower.