Nifty Weekly Spot Chart Technical Analysis - 22-26 April, 2024

📊 Nifty Spot Technical Chart Analysis
- Weekly Levels for 22-26 April, 2024

🎯 Range Trigger Point: 22147
🎯 Weekly Range: 650 Points


📉 Buy Above: 22179
📉 Average At: 22103
🎯 Buy Targets: 22549/22797
🛑 Buyer Stoploss: 21963

📉 Sale Below: 22026
🎯 Sale Targets: 21745/21497
🛑 Seller Stoploss: 22242

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Nifty Spot Weekly Technical Analysis Details (22-26 April 2024)

This week, the Nifty Spot is poised for significant movements within a defined range. The pivotal point stands at 22147, indicating a potential trigger for market momentum. With a weekly range spanning 650 points, traders must remain vigilant for potential breakout or breakdown scenarios.

Buy Scenario:

Should the Nifty surpass the threshold of 22179, initiating long positions could be advantageous. An optimal entry average at 22103 enhances position stability. Targets for buyers lie at 22549 and 22797, reflecting potential bullish momentum. Prudent risk management is advised, with a stop-loss set at 21963 to mitigate downside exposure.

Sell Scenario:

Conversely, a breach below 22026 could signal a favorable environment for short positions. Targets for sellers are established at 21745 and 21497, indicative of potential bearish sentiment. To safeguard against adverse market movements, a stop-loss at 22242 is recommended.

By meticulously considering these levels and potential market dynamics, traders can navigate the week with a well-defined strategy, optimizing opportunities while managing risks effectively.