This week, the Nifty 50 ended on a cautious note, closing at 24,008, down 340 points from the previous week's close. The index traded within a tight range, hitting a high of 24,526 and a low of 23,935—well within my anticipated levels of 24,900 to 23,800.
Silver Lining: Despite ongoing geopolitical tensions and negative news flow—including war-related developments—bulls managed to defend the critical psychological support of 24,000. That’s a sign of resilience in an otherwise shaky environment.
What’s Ahead?
For the upcoming week, expect high volatility. I see Nifty moving between 24,600 and 23,200. A weekly close below 23,800 could spell trouble for bulls, potentially opening the door for a drop toward major support zones at 23,200 and 23,000.
Technical Outlook:
Monthly & Daily Timeframes: Weak
Weekly Timeframe: Still bullish
So, while long-term charts show vulnerability, the weekly trend gives hope. I'm staying cautiously bullish—but will only turn aggressive once the monthly chart flips positive. Until then, it’s time to stay vigilant, not impulsive.
Global Cues: S&P 500 Holding Up Amid Uncertainty
The S&P 500 closed at 5,659, just 30 points down from the previous week, forming a doji candle—a clear sign of indecision. As long as the index holds above 5,532, there's no major cause for concern.
Bearish Trigger: Below 5,532, expect downside pressure toward 5,458 and 5,392, which could spill over into already fragile emerging markets like India.
Bullish Breakout: Above 5,770, bulls gain momentum, with potential upside targets of 5,821, 5,850, and 5,900. A rally here could bring relief to global equities, including Indian markets.
Silver Lining: Despite ongoing geopolitical tensions and negative news flow—including war-related developments—bulls managed to defend the critical psychological support of 24,000. That’s a sign of resilience in an otherwise shaky environment.
What’s Ahead?
For the upcoming week, expect high volatility. I see Nifty moving between 24,600 and 23,200. A weekly close below 23,800 could spell trouble for bulls, potentially opening the door for a drop toward major support zones at 23,200 and 23,000.
Technical Outlook:
Monthly & Daily Timeframes: Weak
Weekly Timeframe: Still bullish
So, while long-term charts show vulnerability, the weekly trend gives hope. I'm staying cautiously bullish—but will only turn aggressive once the monthly chart flips positive. Until then, it’s time to stay vigilant, not impulsive.
Global Cues: S&P 500 Holding Up Amid Uncertainty
The S&P 500 closed at 5,659, just 30 points down from the previous week, forming a doji candle—a clear sign of indecision. As long as the index holds above 5,532, there's no major cause for concern.
Bearish Trigger: Below 5,532, expect downside pressure toward 5,458 and 5,392, which could spill over into already fragile emerging markets like India.
Bullish Breakout: Above 5,770, bulls gain momentum, with potential upside targets of 5,821, 5,850, and 5,900. A rally here could bring relief to global equities, including Indian markets.
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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.