The Nifty 50 closed the week at 24,964, a 50-point decline from the previous week. While it touched a high of 25,234, it also dipped to a low of 24,694. As predicted last week, the index remained within the range of 25,600 to 24,400.
Looking Ahead: A Cautious Outlook
For the upcoming week, I anticipate a trading range of 25,550 to 24,350. However, the low of 24,694 is a crucial support level. If the Nifty breaches this, the next strong support lies at 24,400-24,350. A breakdown below this level could signal a potential decline towards 23,300.
A Bullish Monthly Perspective
Despite the recent volatility, my monthly outlook for the Nifty remains bullish. Therefore, I will follow a "buy on dips" strategy.
S&P 500: A Positive Sign
As mentioned previously, the S&P 500 has successfully reached its first Fibonacci target of 5820. To initiate the next leg of its upward movement, it needs to sustain above this level. If it can do so, we could see it touch 5899 or even 6012 (a significant level). This positive momentum in the U.S. market could also provide support to Indian equities.
Looking Ahead: A Cautious Outlook
For the upcoming week, I anticipate a trading range of 25,550 to 24,350. However, the low of 24,694 is a crucial support level. If the Nifty breaches this, the next strong support lies at 24,400-24,350. A breakdown below this level could signal a potential decline towards 23,300.
A Bullish Monthly Perspective
Despite the recent volatility, my monthly outlook for the Nifty remains bullish. Therefore, I will follow a "buy on dips" strategy.
S&P 500: A Positive Sign
As mentioned previously, the S&P 500 has successfully reached its first Fibonacci target of 5820. To initiate the next leg of its upward movement, it needs to sustain above this level. If it can do so, we could see it touch 5899 or even 6012 (a significant level). This positive momentum in the U.S. market could also provide support to Indian equities.
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免责声明
这些信息和出版物并非旨在提供，也不构成TradingView提供或认可的任何形式的财务、投资、交易或其他类型的建议或推荐。请阅读使用条款了解更多信息。