Last week below 11340 Nifty did our 2nd weekly target. The Index ended the week with 135 points loss.
Nifty Hourly Chart
On the hourly chart, Bulls need to trade above 11365 for a move towards 11425/11510 levels.
Nifty Bears will get the chance only below 11245, for the move towards 11185/11100.
Nifty Daily Chart
On the Daily chart, Index made the low around 111210 levels. The range of 11200-11180 is critical support area for the bulls.
We can use the range mentioned above as a pointer for further clues about the upcoming trending move.
Nifty Weekly Chart
Nifty Technical View For Week 29 July-02 Aug
Last week in this section of Nifty Technical View for week analysis, we discussed: Nifty bulls failed to continue the upside momentum. Now Nifty has given weekly close below 11450 levels, which indicates more pain for the bulls.
The 11450 level have worked ideally below it till now Index has fallen 240 points.
On weekly charts, at present, we are trading near Gann Angle support line. Level 11200 is support on weekly charts below that we can see a further decline in the Nifty.
In the forthcoming week, 30 July is the critical date.
Nifty Weekly Trading Levels
Next week 11365 will act as Resistance above which move towards 11425/11500/11620 can seen.
While Support is likely to come at, 11200 below that move towards 11140/11070/10950 can be seen.
Note: Above mention price projection & other Information are for educational purpose only.