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NIfty50 outlook for upcoming week 16-20th Sept 2024#nifty50 Stellar Climb: The Nifty index has reached a new all-time high weekly close of 25,356, surpassing its previous peak of 25,433. Despite a bearish engulfing candle last week, the Nifty managed to rebound, thanks to a strong performance in the US market. As predicted, the index remained within the anticipated range of 25,500 to 24,150. Looking Ahead: For the coming week, I expect the Nifty to remain within the range of 25,810 to 24,750 . If the index can successfully break above the crucial Fibonacci level of 25,810 , it could potentially test 25,965 , although this may be challenging. However, below 24,750, the DEMA50 support level at 24,624 could act as a strong demand zone. Global Market Outlook: The S&P 500 rallied this week, driven by better-than-expected inflation data and expectations of interest rate cuts. The index closed at 5,626, just below the important Fibonacci level of 5,637. On a weekly timeframe, the S&P 500 is showing signs of forming a W pattern. If it can close above 5,637 for consecutive days, it could open the door to a significant uptrend, targeting 5,806, 5,900, and even 6,005. Such a move could propel the global market, including India's Nifty, towards new all-time high levels of 25,800 or 25,950. However, if the S&P 500 falls below 5,535, there could be selling pressure, leading to potential support levels at 5,493, 5,390, and 5,270.
NSE:NIFTYLong
by ssudhirsharma11
#nifty50 analysis for next week 9th Sept-13th septThe Indian stock market experienced a significant downturn last week, with the Nifty 50 closing at 24,852, a substantial 400 points below the previous week's close. Despite reaching a weekly high of 25,333, the index ultimately settled within its expected range of 25,850 to 24,600. Looking ahead, a bearish outlook prevails for the coming week. The Nifty is anticipated to trade within a range of 25,500 to 24,150. A bearish engulfing candle formation suggests continued selling pressure on Monday and Tuesday. However, a potential bounce to 25,000 on Wednesday or Thursday could offer bears an opportunity to initiate fresh short positions. A daily close above 25,080 would be a positive sign for bulls, while a close below 24,486 (DEMA50) could lead to further declines, potentially opening the gates to 24,150, 24,000, or 23,840 (DEMA100). Globally, the S&P 500's decline of 240 points from the previous week's close triggered selling across various markets, including India. The 5,380 support level (DEMA50) is crucial for the S&P 500. A break below this level could result in a 3.5-4% correction, potentially testing the 5,200-5,170 support zone, which would likely exert further pressure on global markets.
NSE:NIFTY
by ssudhirsharma11
SPOT Spotify Technology Options Ahead of EarningsIf you haven`t sold the Head and Shoulders bearish chart pattern on SPOT: nor bought calls before the previous earnings: Now analyzing the options chain and the chart patterns of SPOT Spotify Technology prior to the earnings report this week, I would consider purchasing the 290usd strike price Puts with an expiration date of 2024-8-16, for a premium of approximately $15.95. If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
NYSE:SPOTShort
by TopgOptions
PM Philip Morris International Options Ahead of EarningsIf you haven`t bought the dip on PM: nor sold the top: Then analyzing the options chain and the chart patterns of PM Philip Morris International prior to the earnings report this week, I would consider purchasing the 92.50usd strike price Puts with an expiration date of 2025-1-17, for a premium of approximately $5.80. If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
NYSE:PMShort
by TopgOptions
ASML Holding Options Ahead of EarningsIf you haven`t sold the regional top on ASML: nor entered the dip before the previous earnings: Then analyzing the options chain and the chart patterns of ASML Holding prior to the earnings report this week, I would consider purchasing the 770usd strike price Calls with an expiration date of 2024-1-26, for a premium of approximately $15.85. And looking at the chart this would be probably the final leg of the Double Top. If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
NASDAQ:ASMLLong
by TopgOptions