Nifty Weekly Analysis for Apr 24-28
Updated
The Nifty index seems to exhibit a bearish trend in the long-term while showing bullishness in the short-term, according to the market structure.
In the upcoming week, it's important to monitor key levels 17360, 17550, 17800, & 17865.
My outlook:
Based on the chart analysis, the market sentiment has turned bearish and the bulls control has weakened. However, the bulls are attempting to establish support at the 17550-17700 zone.
Looking ahead to the next trading week, if the nifty index maintains its position above the support zone of 17550-17600, it would indicate the bulls are regaining their strength and there is a possibility of an upward price movement.
On the other hand, if the nifty index breaches this support zone with a strong and decisive candle, it would signal that bears are gaining momentum, and there is a likelihood of a bearish trend in the near future.
In the upcoming week, it's important to monitor key levels 17360, 17550, 17800, & 17865.
My outlook:
Based on the chart analysis, the market sentiment has turned bearish and the bulls control has weakened. However, the bulls are attempting to establish support at the 17550-17700 zone.
Looking ahead to the next trading week, if the nifty index maintains its position above the support zone of 17550-17600, it would indicate the bulls are regaining their strength and there is a possibility of an upward price movement.
On the other hand, if the nifty index breaches this support zone with a strong and decisive candle, it would signal that bears are gaining momentum, and there is a likelihood of a bearish trend in the near future.
Trade closed manually
Review on last week NIFTY analysis (Apr 24-28):The weekly market trend followed the projected forecast.
Forecast:
Based on our analysis, we had two potential trading scenarios for this week in the Nifty market.
The first scenario was a bullish one where if the Nifty index sustained above the support zone of 17550-17609, we expected the bulls to regain their strength, leading to an upward movement in the market.
The second scenario was a bearish one, where if the Nifty index breached the support zone of 17550-17600 with a strong and clear candle, the bearish trend would become stronger and there would be higher chances of a downtrend in the market.
Actual:
As it turns out, the bulls have prevailed in the market this week, and the market showed a clear sign of strength by breaking out of a strong resistance level at 17860.
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