Nifty Weekly Prediction, 11 Aug 2022 Expiry

8 August 2022
2 mins read
Nifty chart analysis indicates Bullish trend. But, RSI on Daily time-frame indicates that the market is in an overbought zone. Let's find out the major Support & Resistance level for this expiry.
Nifty Weekly Prediction, 11 Aug 2022 Expiry

Let’s start this expiry outlook with analysis of : Monthly, Weekly, Daily time-frames.

Chart Analysis

Nifty CMP : 17397

Time Frame Trend CandleStick RSI Resistance Support
Monthly Bullish Neutral 63 (Neutral to Overbought) 18000 16000
Weekly Bullish Bullish 58  (Neutral) R1 -18000

R2 -18300

S1 – 16600

S2 – 16000

Daily Bullish Neutral 76 (Overbought) R1 -17500

R2 -17750

S1 – 17150

S2 – 17000

Verdict :

Chart analysis indicates Nifty is in Bullish trend. Weekly timeframe too turned positive from negative super-trend level which indicates Bullish view.  

Outlook is Bullish, based on the strength of daily candles and positive cues from global markets & events. 

But on a cautionary note, RSI on Daily time-frame indicates that market is in overbought zone. But as RSI in Weekly timeframe is near neutral which gives it more scope to trend in upward direction.

However, in coming trading sessions Nifty may consolidate, and Daily RSI level cools-off from 76 to 60 levels as market may not stretch much from these RSI levels at daily time-frame.. 

17500-17600 zone will act as major resistance zone in coming days. And 17150 & 17000 will support market.

Trades :

  • Outlook is cautiously bullish. Market may consolidate in coming days. Can go long above 17500. Short if market falls below 17150.

Charts references :

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