Nifty 50 Weekly Analysis: Key Levels & Trend Outlook

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Weekly Recap:
The Nifty 50 closed the week at 22,397.20, marking a significant Decline of -0.69%.

Key Weekly Levels for Next Week
Price Action Pivot Zone:

The crucial zone to watch for any potential reversals or trend continuation is between 22,472 - 22,323.

Support & Resistance Levels:
Support Levels:


  • S1: 22,698
  • S2: 21,802
  • S3: 21,448


Resistance Levels:

  • R1: 22,100
  • R2: 23,000
  • R3: 23,426


Market Outlook:

  • Bullish Scenario: A sustained move above 22,472 could attract buyers, driving Nifty towards R1 at 22, and possibly higher.
  • Bearish Scenario: If 22,323 fails to hold, the market could witness further selling, driving Nifty towards S1 at 22,100 and possibly lower.

Penafian

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