Nifty Weekly Wrap-Up:
The Nifty 50 index closed the week at 25,003, posting a solid gain of +250 points from last week's close. It touched a high of 25,029 and a low of 24,502 during the week.
But here’s the twist—while the uptrend looks strong, we’re now at a crucial inflection point on the weekly chart.
Technical Outlook – Is a Bearish “M” Pattern Forming?
On the weekly timeframe, Nifty is at a level where a bearish M-pattern could potentially develop. To complete this pattern, the index could pull back towards support levels at:
24,414
24,200
24,000
If the selling deepens, the final support zone lies between 23,900–23,700, where a bounce-back is likely.
Bullish Scenario – Can Nifty Break Out?
If Nifty holds above 25,000 for at least 2 consecutive sessions, it could trigger a short-covering rally, paving the way for a move toward key resistance zones at:
25,400
25,565
26,100
Next Week’s Expected Range: 24,500 – 25,500
This range should see most of the action next week. If you're holding long positions, now is a great time to:
✔️ Lock in profits
✔️ Trail stop-losses
✔️ Prepare cash reserves for potential dip-buying opportunities
Global Watch – S&P 500 Hits Key Resistance
The S&P 500 closed near 6,000, up 100 points for the week. But heads up—it’s now testing a strong Fibonacci resistance at 6,013.
A rejection here could lead to a correction toward 5,900–5,850, a dip of 1.5–2.5%. If this unfolds alongside a Nifty pullback, it would align perfectly with our support targets around 24,400–24,500.
Final Takeaway:
Markets are looking stretched. While momentum remains positive, profit booking at higher levels is essential. Don’t get caught unprepared in case of a reversal. Stay tactical, stay liquid.
Smart money is already locking in gains. Are you?
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.
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.