#Nifty50 analysis for upcoming week 5th-9th Aug 2024
#Nifty50 stumbled this week, closing at 24717, a 110-point drop from the previous week. While it danced between 25078 and 24686, staying true to its predicted 25400-24300 range, underlying daily chart weakness is undeniable. Yet, the weekly and monthly perspectives remain bullish. Expect Nifty to continue its tightrope walk between 25000 and 24400 next week. A breakout on either side could ignite significant volatility. A potential support level of 24400 might be a sweet spot for new long positions. However, the looming RBI policy announcement on August 8th could trigger another selling wave. Until then, cautious optimism and controlled positions are key.
Meanwhile, the S&P500 experienced a 5% correction from its 5566 peak, finding support at the WEMA21 level of 5300. If this support holds, a fresh upward rally towards 5400, 5433, 5500, or even 5566 could be on the cards, potentially buoying Indian markets.
Let me know your views in the comments section. thanks for reading
Meanwhile, the S&P500 experienced a 5% correction from its 5566 peak, finding support at the WEMA21 level of 5300. If this support holds, a fresh upward rally towards 5400, 5433, 5500, or even 5566 could be on the cards, potentially buoying Indian markets.
Let me know your views in the comments section. thanks for reading
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