Nifty Weekly Analysis for Jun 19 - 23
Updated
🔍 Analysis on Nifty for the Upcoming Week 🔮
Jun 19 - 23
The Nifty index seems to exhibit a bullish trend in both long-term & short-term as well, according to the market structure.
📈 Key Levels to Monitor:
In the upcoming week, it's important to monitor key levels
🔎My outlook:
The outlook for the upcoming week’s trading suggests a non-directional market, potentially characterized by a sideways pattern.
📈 Bullish Scenario:
If Nifty breaks out above the significant level of 18887, supported by a strong and clear daily candle, it could indicate a bullish market trend.
📉 Bearish Scenario:
However, if Nifty breaks down below 18534, confirmed by a strong and clear daily candle, it may signal a decline towards the 18250 level.
📊 Support Level:
As long as Nifty sustains above the support level of 18530, the market can be viewed as bullish.
Jun 19 - 23
The Nifty index seems to exhibit a bullish trend in both long-term & short-term as well, according to the market structure.
📈 Key Levels to Monitor:
In the upcoming week, it's important to monitor key levels
🔎My outlook:
The outlook for the upcoming week’s trading suggests a non-directional market, potentially characterized by a sideways pattern.
📈 Bullish Scenario:
If Nifty breaks out above the significant level of 18887, supported by a strong and clear daily candle, it could indicate a bullish market trend.
📉 Bearish Scenario:
However, if Nifty breaks down below 18534, confirmed by a strong and clear daily candle, it may signal a decline towards the 18250 level.
📊 Support Level:
As long as Nifty sustains above the support level of 18530, the market can be viewed as bullish.
Note
📈Nifty Weekly Performance Review📉June 19 - June 23
The weekly market trend followed the projected forecast.
Outlook:
Based on our analysis, the Nifty index is anticipated to trade within a range for the week. However, if the Nifty surpasses the resistance level at 18887, it is likely to generate bullish momentum and extend its upward trend. Conversely, if the Nifty falls below the support level at 18530, it may initiate bearish momentum and decline further.
Actual:
Throughout the week, the Nifty index exhibited a sideways trading pattern, oscillating within the range of 18887, which represents its near all-time high, and 18650. Within this week, the Nifty index made nearly two re-tests of its all-time high but encountered resistance, leading to a reversal in its direction.
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