Nifty 50 IndexShort
Nifty | Pre-Market Report | 23 Dec ~ 27 Dec 2024
Nifty has been massacred by the brutal selling last week!
If we look at the weekly chart, the weekly candle close has wiped out the last one month of Buying in a single blow!
This clearly has signalled that we are in a Bear Market Grip.
For the upcoming week, Nifty seems likely to trade between 24,400 & 23,155.
The sentiment would be Sideways to Bearish.
Option sellers could benefit from Straddles on a Weekly Expiry basis.
Option buyers should look for reversals at boundaries for best risk reward opportunities.
Presently Nifty is at the crucial Neck line on the Weekly Charting basis which is also the 50 Week Moving Average zone.
Looking at the intensity of previous week's crash, this upcoming week could be a pause and then we could have a further downside crash towards 22,600 which is the 50% zone of the long term Weekly charting trend.
If 22,600 doesn't hold then we will ultimately find good support around 22,000 level which is also the 100 Week Moving Average.
If we look at the weekly chart, the weekly candle close has wiped out the last one month of Buying in a single blow!
This clearly has signalled that we are in a Bear Market Grip.
For the upcoming week, Nifty seems likely to trade between 24,400 & 23,155.
The sentiment would be Sideways to Bearish.
Option sellers could benefit from Straddles on a Weekly Expiry basis.
Option buyers should look for reversals at boundaries for best risk reward opportunities.
Presently Nifty is at the crucial Neck line on the Weekly Charting basis which is also the 50 Week Moving Average zone.
Looking at the intensity of previous week's crash, this upcoming week could be a pause and then we could have a further downside crash towards 22,600 which is the 50% zone of the long term Weekly charting trend.
If 22,600 doesn't hold then we will ultimately find good support around 22,000 level which is also the 100 Week Moving Average.
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