Weekly Recap:
The Nifty 50 closed the week at 22,124.70, marking a significant decline of -2.94%. 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 22,054 - 22,198.
Support & Resistance Levels:
Support Levels:
S1: 21,828
S2: 21,532
S3: 21,211
Resistance Levels:
R1: 22,422
R2: 22,722
R3: 23,007
Market Outlook:
The Nifty 50 closed the week at 22,124.70, marking a significant decline of -2.94%. 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 22,054 - 22,198.
Support & Resistance Levels:
Support Levels:
S1: 21,828
S2: 21,532
S3: 21,211
Resistance Levels:
R1: 22,422
R2: 22,722
R3: 23,007
Market Outlook:
- Bullish Scenario: A sustained move above 22,198 and strength beyond 22,422 could attract buyers, driving Nifty towards R1 at 22,422 and possibly higher.
- Bearish Scenario: If 22,054 fails to hold, the market could witness further selling, driving Nifty towards S1 at 21,828 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.