Nifty Weekly Analysis
Upon analyzing the weekly charts in Nifty, it is evident that there is a negative to consolidation bias present. This can be observed through the rejection experienced at the 20000 level, followed by another rejection at 19870. However, despite these rejections, there is no significant volume selling occurring in the Nifty. Instead, it found support at the previous week's low of 19570 and closed at 19646. This indicates that the recent movement can be attributed to profit booking rather than aggressive selling. To witness aggressive selling, one would need to observe a break of the weekly low.
For the first week of August, it is anticipated that the market will remain range-bound, with a potential range of 19870 to 19570. Should the market break below the lower level, a decline can be expected. The subsequent support level would be at 19380, while the resistance level would be at 19744. As for the Bank Nifty (BNF), it is currently displaying weakness. In the event that the BNF starts to decline, the Nifty will act as a support for the fall. Otherwise, the market is expected to remain range-bound but with a negative bias.
For the first week of August, it is anticipated that the market will remain range-bound, with a potential range of 19870 to 19570. Should the market break below the lower level, a decline can be expected. The subsequent support level would be at 19380, while the resistance level would be at 19744. As for the Bank Nifty (BNF), it is currently displaying weakness. In the event that the BNF starts to decline, the Nifty will act as a support for the fall. Otherwise, the market is expected to remain range-bound but with a negative bias.
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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.