The Indian stock market closed the week on an interesting note. The Nifty 50 index ended at 22,828, just 70 points lower than last week's close, after forming a significant bullish reversal from a low of 21,743 to a high of 22,923.
As we mentioned in last week's market outlook, a base formation was underway—and this week's price action confirmed it. With the next week being truncated due to market holidays on Monday and Friday, traders should expect increased volatility and sideways movement.
Key Technical Levels:
Support: 22,200 – This is 50% of this week's candle; a break may bring bearish momentum.
Resistance: 23,400 – A close above this could ignite a rally toward 23,900, 24,100, and possibly 24,414.
On the global front, the S&P 500 respected the 4,800 support level, rebounding sharply to close at 5,363. However, underlying market weakness remains, so it's a sell-on-rise situation in U.S. equities.
Pro Tip:
Indian investors should keep an eye out for quality, fundamentally strong stocks. Any correction in the market may offer excellent long-term buying opportunities.
As we mentioned in last week's market outlook, a base formation was underway—and this week's price action confirmed it. With the next week being truncated due to market holidays on Monday and Friday, traders should expect increased volatility and sideways movement.
Key Technical Levels:
Support: 22,200 – This is 50% of this week's candle; a break may bring bearish momentum.
Resistance: 23,400 – A close above this could ignite a rally toward 23,900, 24,100, and possibly 24,414.
On the global front, the S&P 500 respected the 4,800 support level, rebounding sharply to close at 5,363. However, underlying market weakness remains, so it's a sell-on-rise situation in U.S. equities.
Pro Tip:
Indian investors should keep an eye out for quality, fundamentally strong stocks. Any correction in the market may offer excellent long-term buying opportunities.
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.