Nifty Spot Weekly Outlook for Jun20 -Jun 24thFalcon Analytics Outlook Nifty 50 for the Expiry week ( Jun 20 – June 24 )
Last Weekly Nifty witness selling pressure below 16057 , while the pivot for the week @ 16327 was not breached on upside.
Technically for this week on the daily charts we see minor support on the downside for Nifty50 index lies at 15185 levels,
whereas minor resistance on the upside is capped around 15722 levels.
If Nifty50 index breaches minor support on the downside and closes below it, we may see fresh break down and index can drag towards major supports on lower side around 15019/14751 and and if breaches minor resistance on the upside and closes above it, we may see fresh breakout and index can head towards higher levels around 15888/16157 .
Currently Nifty50 index is trading Below Red Line 200 day EMA @ 16673 suggests long term trend is Bearish .
Range for the week is seen from 14751 on downside and 15888 on upside.
Weekly Chart Suggest closing below 15100 Downward Momentum can be fast.
Below Mentioned Spot Levels can be used to trade Long Or Short during the week ahead.
( All Spot Levels)
RESISTANCE 4: 16425
RESISTANCE 3: 16157
RESISTANCE 2: 15888
RESISTANCE 1: 15722
WEEKLY PIVOT LEVELS: 15454
SUPPORT 1: 15185
SUPPORT 2: 15019
SUPPORT 3: 14751
SUPPORT 4: 14482
All above views for education purpose only.
Regards,
MD .
