Nifty ended the week at 24,426, down 444 points from last week’s close. It touched a high of 25,021 and a low of 24,404, once again respecting my projected range of 25,350 – 24,400.
Last week, I highlighted the Shooting Star formation and warned about increasing bearish pressure – this week we saw exactly that play out. Now, Nifty is hovering dangerously close to the strong support of 24,400. A daily close below 24,400 could open the gates for a slide towards 24,000 – 23,900.
Next Week’s Range Expectation:
➡️ Likely range → 24,900 – 23,900
➡️ Below 24,400 = 24,000/23,900 possible
➡️ Sideways consolidation for 1–2 weeks also on the table before momentum resumes
My View:
From the 2nd week of September, I still expect more selling pressure. But before that, big players may try to take markets higher to trap unsuspecting retailers. After all, they need someone to offload their stakes – and who better than us poor retailers 😅.
✅ What Traders & Investors Should Do:
Traders: Stay flexible. Be ready for both sideways action and a breakdown.
Investors: Use upcoming corrections to load quality stocks at attractive prices. Do your research, keep a watchlist ready, and pounce when the opportunity comes.
US Market Update – S&P500
The S&P500 closed at 6,460, almost flat compared to last week. It formed a weak, indecisive candle, signaling hesitation. For bulls to regain control, we need a close above 6,500, which could take the index toward the 6,568 Fibonacci level. On the downside, a break below 6,429 can trigger profit booking, pushing the index toward 6,400/6,373. At 6,373, fresh buyers may step in to drive the next upward leg.
Want me to review any index or cryptocurrency for you? Drop it in the comments and I’ll include it in my next update!
Last week, I highlighted the Shooting Star formation and warned about increasing bearish pressure – this week we saw exactly that play out. Now, Nifty is hovering dangerously close to the strong support of 24,400. A daily close below 24,400 could open the gates for a slide towards 24,000 – 23,900.
Next Week’s Range Expectation:
➡️ Likely range → 24,900 – 23,900
➡️ Below 24,400 = 24,000/23,900 possible
➡️ Sideways consolidation for 1–2 weeks also on the table before momentum resumes
My View:
From the 2nd week of September, I still expect more selling pressure. But before that, big players may try to take markets higher to trap unsuspecting retailers. After all, they need someone to offload their stakes – and who better than us poor retailers 😅.
✅ What Traders & Investors Should Do:
Traders: Stay flexible. Be ready for both sideways action and a breakdown.
Investors: Use upcoming corrections to load quality stocks at attractive prices. Do your research, keep a watchlist ready, and pounce when the opportunity comes.
US Market Update – S&P500
The S&P500 closed at 6,460, almost flat compared to last week. It formed a weak, indecisive candle, signaling hesitation. For bulls to regain control, we need a close above 6,500, which could take the index toward the 6,568 Fibonacci level. On the downside, a break below 6,429 can trigger profit booking, pushing the index toward 6,400/6,373. At 6,373, fresh buyers may step in to drive the next upward leg.
Want me to review any index or cryptocurrency for you? Drop it in the comments and I’ll include it in my next update!
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.