NIFTY has been trying to close above 22,555 for the last three weeks but has failed.At the same time, 22,100 has been a strong support.
These two levels are very important for the coming week.
If Nifty closes above 22,555 next week, it may bounce to 23,222.
If it closes below 22,100, the next demand zone is at 19,500. If that happens, the market will enter a bear trend.
Right now, the market is only in a downtrend, not a bear trend. This is just a correction phase.
I will not create any long positions for now. I will try to sell on every bounce or trade options.
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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.