Last week Nifty above 11600 almost did our 2nd weekly target. The Index ended the week with 133 points loss.
Friday fall in Index are the indications of more weakness in the markets.
Nifty Hourly Chart
On the hourly chart, Bulls need to trade above 11500 for a move towards 11555/11625 levels.
Nifty Bears will get the chance only below 11350, for the move towards 11295/11220.
Nifty Daily Chart
On the Daily chart, last week Index has broken crucial short-term Support, which indicates the probability of further drop.
We can use Daily chart level 11340 as a pointer. On trading or closing below 11340 will add more bearishness to the Index.
Nifty Weekly Chart
Nifty Technical Outlook for the Week 22-26 July
Last week in this section of Nifty Technical Outlook for week analysis, we discussed: For reversal, Index needs to hold 11450 on a weekly basis. Multiple confirmations suggest we may see the Pivot (Support) around 11450.
We saw the rise, but Nifty bulls failed to continue the momentum. Now Nifty has given weekly close below 11450 levels, which indicates more pain for the bulls.
In the forthcoming week, 23 & 25 July is the critical dates.
Nifty Weekly Trading Levels
Next week 11515 will act as Resistance above which move towards 11570/11635/11755 can seen.
While Support is likely to come at, 11340 below that move towards 11285/11220/11100 can be seen.
Note: Above mention price projection & other Information are for educational purpose only.
