Nifty Rallies, but Caution Prevails
The Nifty 50 index concluded the week at 23,907, a robust 375 points higher than the previous week's close. It touched a high of 23,956 and a low of 23,263, staying within the predicted range of 24,000-23,100. A bullish hammer candle formation on the weekly chart, supported by the 50-Week Exponential Moving Average (WEMA), indicates potential upside momentum.
However, the elevated India VIX suggests market volatility may persist. For the upcoming week, the Nifty is expected to trade between 24,500 and 23,300. A breach of these levels could trigger significant price movements. The 23,263 level now acts as a crucial support zone.
The BJP's victory in Maharashtra is likely to provide a positive start to the next week, but the extent of its impact remains uncertain.
Global Markets Outlook
The S&P 500 index closed at 5,969, up approximately 100 points from the previous week. Despite reaching a high of 5,972, it failed to breach the crucial Fibonacci level of 6,013. A decisive close above this level could open the door to further gains, targeting 6,142, 6,225, and 6,376. This positive sentiment could spill over to global markets, including India. Until then, the absence of negative news in the US market can be viewed as a bullish indicator.
The Nifty 50 index concluded the week at 23,907, a robust 375 points higher than the previous week's close. It touched a high of 23,956 and a low of 23,263, staying within the predicted range of 24,000-23,100. A bullish hammer candle formation on the weekly chart, supported by the 50-Week Exponential Moving Average (WEMA), indicates potential upside momentum.
However, the elevated India VIX suggests market volatility may persist. For the upcoming week, the Nifty is expected to trade between 24,500 and 23,300. A breach of these levels could trigger significant price movements. The 23,263 level now acts as a crucial support zone.
The BJP's victory in Maharashtra is likely to provide a positive start to the next week, but the extent of its impact remains uncertain.
Global Markets Outlook
The S&P 500 index closed at 5,969, up approximately 100 points from the previous week. Despite reaching a high of 5,972, it failed to breach the crucial Fibonacci level of 6,013. A decisive close above this level could open the door to further gains, targeting 6,142, 6,225, and 6,376. This positive sentiment could spill over to global markets, including India. Until then, the absence of negative news in the US market can be viewed as a bullish indicator.
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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.