The Nifty 50 closed the week at 24,968, down 180 points from the previous week's close. It traded within a tight range, posting a high of 25,255 and a low of 24,918—perfectly aligning with the range I’ve been tracking between 25,600 and 24,700.
As I’ve been highlighting over the past few weeks, the monthly chart continues to show weakness, and now even the weekly chart is starting to reflect bearish signals. This growing weakness is a notable concern.
What to Watch for Next Week:
If Nifty sustains above 25,100, we could see a potential rebound toward the 25,400–25,450 resistance zone.
However, a breakdown below this week's low of 24,918 opens the door to a retest of key support near 24,500.
What’s interesting is that, despite Nifty’s indecision, the number of bullish stocks on the monthly time frame has increased significantly. Last week, there were 18 such stocks on my radar; now that number has jumped to 26, even after excluding about 10 others that showed bullish patterns but had high volatility.
This divergence—index showing weakness while quality stocks turn bullish—could indicate a possible bear trap being set by institutional players. If true, we might see a sharp short-covering rally after a final shakeout.
Nifty Outlook:
For the upcoming week, I expect Nifty to remain range-bound between 25,400 and 24,500. A decisive breakout or breakdown from this range could lead to sharp directional movement, so traders should stay alert.
Global Markets: S&P 500 Soars to New Highs
The S&P 500 closed at a record high of 6,296, with a weekly high of 6,315 and low of 6,201. The index remains in strong uptrend mode.
A breakout above 6,315 could see it testing 6,376, 6,454, and potentially 6,500 in the coming sessions.
My next major Fibonacci target is 6,568.
As long as 6,149 holds on a weekly closing basis, I continue to view every dip as a buying opportunity.
Final Thoughts:
The Indian markets are sending mixed signals, with the broader index showing caution while individual stock strength is quietly building. This divergence warrants a tactical approach—stay nimble, respect levels, and be ready for sharp reversals or breakouts.
Next week could be crucial. Stay focused, stay disciplined.
As I’ve been highlighting over the past few weeks, the monthly chart continues to show weakness, and now even the weekly chart is starting to reflect bearish signals. This growing weakness is a notable concern.
What to Watch for Next Week:
If Nifty sustains above 25,100, we could see a potential rebound toward the 25,400–25,450 resistance zone.
However, a breakdown below this week's low of 24,918 opens the door to a retest of key support near 24,500.
What’s interesting is that, despite Nifty’s indecision, the number of bullish stocks on the monthly time frame has increased significantly. Last week, there were 18 such stocks on my radar; now that number has jumped to 26, even after excluding about 10 others that showed bullish patterns but had high volatility.
This divergence—index showing weakness while quality stocks turn bullish—could indicate a possible bear trap being set by institutional players. If true, we might see a sharp short-covering rally after a final shakeout.
Nifty Outlook:
For the upcoming week, I expect Nifty to remain range-bound between 25,400 and 24,500. A decisive breakout or breakdown from this range could lead to sharp directional movement, so traders should stay alert.
Global Markets: S&P 500 Soars to New Highs
The S&P 500 closed at a record high of 6,296, with a weekly high of 6,315 and low of 6,201. The index remains in strong uptrend mode.
A breakout above 6,315 could see it testing 6,376, 6,454, and potentially 6,500 in the coming sessions.
My next major Fibonacci target is 6,568.
As long as 6,149 holds on a weekly closing basis, I continue to view every dip as a buying opportunity.
Final Thoughts:
The Indian markets are sending mixed signals, with the broader index showing caution while individual stock strength is quietly building. This divergence warrants a tactical approach—stay nimble, respect levels, and be ready for sharp reversals or breakouts.
Next week could be crucial. Stay focused, stay disciplined.
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.