Nifty 50 Weekly Analysis: Key Levels & Trend Outlook

Weekly Recap:
The Nifty 50 closed the week at 22,795.90, marking a significant decline of -0.51%. The bearish momentum dominated the market, pulling the index lower as selling pressure intensified.

Key Weekly Levels for Next Week

Price Action Pivot Zone:
The crucial zone to watch for any potential reversals or trend continuation is between 22,721 - 22821.

Support & Resistance Levels:
Support Levels:
S1: 22,496
S2: 22,360
S3: 22,196
Resistance Levels:
R1: 22,974
R2: 23,100
R3: 23,404

Market Outlook:

Bullish Scenario: A sustained move above 22,821 and strength beyond 23,100 could attract buyers, leading to a possible retest of R1 at 23,234 and beyond.

Bearish Scenario: If 22,721 fails to hold, the market could witness further selling, driving Nifty towards S1 at 22,496 and possibly lower.