#Nifty50 Outlook for upcoming week 30-3rd Jan 2025The 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.
