Nifty 50 IndexLong
Nifty Weekly Analysis : 10-14 June, 2024
Updated
Trend:
As expected, last week was very eventful with wild volatile moves.
Nifty has given a very strong ATH weekly closing near 23300 by forming a hammer candle(hanging man) in weekly time frame. It means that bulls have crushed & empowered bears completely. Next week should be
However, the exit polls seemed to be a perfect bull trap and the crash was a bear trap. The inflated VIX also got crashed and now we are almost back to normal markets.
Bullish market should continue given there are no global news of war, etc. in next week.
Levels:-
1. Above ATH of 23340, we can see continuation of uptrend with 23500, 23830 and 24000 as potential targets for next week.
2. Below 23000, market will turn slightly bearish till 22850. If 22850 is also breached, we can expect further downside of 22500 and then 22250.
Verdict:
I am expecting gap up opening above 23350 and sideways market throughout the day which will favour option sellers. The channel is broken on upside and hence, probability of downside is quite low. However, markets are supreme and this is my personal opinion.
Please trade according to your own analysis.
Stocks to watch for next week:-
IT sector stocks are looking strong. Sonata software, Birlasoft, HCLtech, Infy have given good breakouts.
As expected, last week was very eventful with wild volatile moves.
Nifty has given a very strong ATH weekly closing near 23300 by forming a hammer candle(hanging man) in weekly time frame. It means that bulls have crushed & empowered bears completely. Next week should be
However, the exit polls seemed to be a perfect bull trap and the crash was a bear trap. The inflated VIX also got crashed and now we are almost back to normal markets.
Bullish market should continue given there are no global news of war, etc. in next week.
Levels:-
1. Above ATH of 23340, we can see continuation of uptrend with 23500, 23830 and 24000 as potential targets for next week.
2. Below 23000, market will turn slightly bearish till 22850. If 22850 is also breached, we can expect further downside of 22500 and then 22250.
Verdict:
I am expecting gap up opening above 23350 and sideways market throughout the day which will favour option sellers. The channel is broken on upside and hence, probability of downside is quite low. However, markets are supreme and this is my personal opinion.
Please trade according to your own analysis.
Stocks to watch for next week:-
IT sector stocks are looking strong. Sonata software, Birlasoft, HCLtech, Infy have given good breakouts.
Note
An inverted hammer candle yesterday is a caution to bulls. Today, if we see a closing below 23200, mild bearishness should be expectedNote
As expected, whole week mostly favoured option sellers with a sideways market.Note
The trend continues-Gap up and then sideways market. Option sellers might be enjoying this. T1 done of 23500Note
T2 achieved today, 23850 done!Note
The sideways market is an indicator that we will have a volatile market, soon. Be ready. 23500-24000 should be the range for coming few days.Note
T3 done as well. 24000+ seen
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