Nifty Monthly & Weekly analysis
Nifty, the stock market index of the National Stock Exchange of India, has exhibited a strong support level at 19233 and has subsequently reversed its direction from that price point. This suggests a positive shift in market sentiment. Furthermore, when analyzing the monthly chart, Nifty remains bullish, indicating a favorable market outlook. Additionally, as long as Nifty maintains a value above 18888, it remains completely bullish on both the monthly and weekly charts. This signifies a sustained upward trend in stock prices and overall market confidence.
In August, Nifty experienced a notable shift as it erased the entire month of July. However, if it remains within the 3-month range of 19233 to 20000, the market outlook is expected to remain positive. To confirm a bullish trend, Nifty needs to surpass the level of 19606, which coincides with a 61% retracement. On the downside, 19233 is a crucial support level, followed by the next support at 18888.
On the daily chart, the Nifty index is currently forming a triangle pattern. It has been experiencing a bearish trend since August, and recently, a channel has formed. If the channel breaks on the upside, the crucial resistance level to watch out for is 19610. Only if the index manages to surpass this resistance level would a bullish view be considered.
In August, Nifty experienced a notable shift as it erased the entire month of July. However, if it remains within the 3-month range of 19233 to 20000, the market outlook is expected to remain positive. To confirm a bullish trend, Nifty needs to surpass the level of 19606, which coincides with a 61% retracement. On the downside, 19233 is a crucial support level, followed by the next support at 18888.
On the daily chart, the Nifty index is currently forming a triangle pattern. It has been experiencing a bearish trend since August, and recently, a channel has formed. If the channel breaks on the upside, the crucial resistance level to watch out for is 19610. Only if the index manages to surpass this resistance level would a bullish view be considered.
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