#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.
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.
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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.