Nifty ended the week at 24,837, down 131 points from last week’s close. It made a high of 25,246 and a low of 24,806, staying perfectly within my projected range of 25,400–24,500.
As highlighted earlier, Nifty has now formed an inverted hammer on the weekly chart — a classic bearish reversal candlestick. 🔍
📅 Flashback: On 6th July, I mentioned giving bulls 10–15 days of playtime. That phase seems to be ending. The monthly time frame remains bearish, and now the weekly chart is aligning, indicating a stronger downside risk.
🔮 What’s Next?
👉 Expect Nifty to trade between 25,300–24,400 in the coming week.
👉 A break below 24,400 could open doors to 23,900.
👉 If 24,400 holds, bulls may still have a chance to regroup.
🧠 Pro Tip: Only Nifty Pharma is showing resilience. Those looking for long trades should focus on strong pharma stocks — the rest of the sectors are showing bearish signs.
Meanwhile in the US:
S&P 500 hits another all-time high, closing at 6,388, up 90 points from last week. My long-standing target of 6,568 now looks well within reach.
But here’s the catch — despite US strength, it’s not supporting Indian markets. If US markets correct, expect intensified selling pressure in India.
🎯 Strategy for Indian investors:
Let the bears rule till 7–8 August. Stay alert, and be ready to grab high-quality stocks at bargain prices. This is not the time to panic, but to prepare smartly.
As highlighted earlier, Nifty has now formed an inverted hammer on the weekly chart — a classic bearish reversal candlestick. 🔍
📅 Flashback: On 6th July, I mentioned giving bulls 10–15 days of playtime. That phase seems to be ending. The monthly time frame remains bearish, and now the weekly chart is aligning, indicating a stronger downside risk.
🔮 What’s Next?
👉 Expect Nifty to trade between 25,300–24,400 in the coming week.
👉 A break below 24,400 could open doors to 23,900.
👉 If 24,400 holds, bulls may still have a chance to regroup.
🧠 Pro Tip: Only Nifty Pharma is showing resilience. Those looking for long trades should focus on strong pharma stocks — the rest of the sectors are showing bearish signs.
Meanwhile in the US:
S&P 500 hits another all-time high, closing at 6,388, up 90 points from last week. My long-standing target of 6,568 now looks well within reach.
But here’s the catch — despite US strength, it’s not supporting Indian markets. If US markets correct, expect intensified selling pressure in India.
🎯 Strategy for Indian investors:
Let the bears rule till 7–8 August. Stay alert, and be ready to grab high-quality stocks at bargain prices. This is not the time to panic, but to prepare smartly.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.