The Nifty roared this week, gaining a solid 226 points, closing at a strong 23813! It reached a peak of 23938 before dipping to 23647. As predicted, the Nifty stayed within the 24100-23000 range, forming an interesting inside candle pattern. Excitingly, a bullish "W" pattern has emerged on the weekly chart!
If the Nifty can hold above the crucial 23900 level next week, we could see it trading between 24300 and 23400. However, while a bounce is expected, the bearish Monthly chart might tempt big players to unload their positions. Stay alert!
Across the pond, the S&P500 took a 2.5% hit, closing at 5970 after reaching a high of 6049. The 5870-5850 support zone is critical. A breach could trigger a faster selloff, potentially testing the 5637/5551 support levels. For an upward move, the S&P500 needs to conquer 6050, paving the way for resistance levels at 6094/6142/6225.
Bottom line: Use any bounce next week as an opportunity to lock in profits. Stay informed and trade wisely!"
Wishing everyone a very happy & prosperous New Year.
If the Nifty can hold above the crucial 23900 level next week, we could see it trading between 24300 and 23400. However, while a bounce is expected, the bearish Monthly chart might tempt big players to unload their positions. Stay alert!
Across the pond, the S&P500 took a 2.5% hit, closing at 5970 after reaching a high of 6049. The 5870-5850 support zone is critical. A breach could trigger a faster selloff, potentially testing the 5637/5551 support levels. For an upward move, the S&P500 needs to conquer 6050, paving the way for resistance levels at 6094/6142/6225.
Bottom line: Use any bounce next week as an opportunity to lock in profits. Stay informed and trade wisely!"
Wishing everyone a very happy & prosperous New Year.
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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.