Nifty Weekly Expiry Outlook Note For 11th August 2022 Follow-up Note

10 August 2022
2 mins read
by Angel One
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 Expiry Outlook Note For 11th August 2022 Follow-up Note

Below was our analysis for this expiry:

Chart Analysis

Nifty CMP: 17534

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


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.


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


In line to our analysis, consolidated for first trading session of this week on Monday.

Also, 17500 acting as resistance.

Nifty facing resistance at 17500 zone. All the long entries of OTM Put options must have given good return.

Support & Resistance for today’s expiry.

Support: 17350

Resistance: 17650

Charts references




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