#Nifty50 analysis for upcoming week 19-23rd Aug 2024#Nifty 50 index concluded the week on a positive note, climbing 174 points to settle at 24,541. The index danced within the anticipated 25,150-23,800 range, as predicted in the previous analysis. For the upcoming week, a similar trajectory is expected, confined between 25,200 and 23,900 . A breakout from either end could ignite significant volatility.
The broader bullish trend persists on both weekly and monthly charts, offering a comforting backdrop. A decisive daily close above 24,700 would be a key indicator, potentially propelling the Nifty towards 24,860, 24,950, or even the all-time high of 25,078. However, breaching the 25,200 level appears challenging at this juncture.
The S&P 500 also mirrored a positive week, gaining 210 points to close at 5,554. Intriguingly, this settlement is near the July 26th high, a level that previously triggered selling pressure. A sustained position above 5,570 could pave the way for a move towards 5,620 or 5,637. A consecutive close above the crucial Fibonacci level of 5,637 would open doors to 5,700, 5,806, and ultimately, 6,142, potentially boosting Indian equities.
The bottom line remains unchanged: as long as the Nifty holds above the 24,000 mark, the bullish outlook prevails.
