Nifty Outlook for week starting 18th-22nd July 2022 - POSITIVE.
NIFTY gave a strong closing on Friday as it ended above a long term support of 15917 and 16030. Yet the Important hurdle of 50 days EMA is still ahead of it which is at 16132. Crossing and closing above 16132 will be important for Nifty to go towards 16277.
above 16277 levels Nifty in a short to medium term can go towards 16525 which is it’s 200 days EMA and a strong resistance. Bulls will be in command only above this level. On the lower side again 16030 and 15917 will be the support zones.
Below 15917 Nifty can go towards 15738 zone, however during the next week if Nifty closes above key level of 16132, chances for positivity will be more.
above 16277 levels Nifty in a short to medium term can go towards 16525 which is it’s 200 days EMA and a strong resistance. Bulls will be in command only above this level. On the lower side again 16030 and 15917 will be the support zones.
Below 15917 Nifty can go towards 15738 zone, however during the next week if Nifty closes above key level of 16132, chances for positivity will be more.
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