In Nifty Outlook of 14 July, 2022 expiry, we analyzed Nifty on Monthly, Weekly, Daily & Hourly time- frames.
Below was the summary for our analysis:
July month monthly candle is an Inside bar for June month bearish candle. On a monthly time frame indecisiveness is the state for nifty.
Last week candle has been bullish, from the lows of 15500, nifty is now trading above 16200.
In last week, Nifty was trading with higher high higher low formation, indicates a bulllishness in Daily timeframe.
Nifty is making gap ups in last days but, trading in tight range. However trend is bullish.
Now, going forward on a Daily time-frame if we analyse:
On Monday – From the high of 16275 Nifty closed at 16200 level.
On Tuesday – Nifty gaped down and closed with a red candle
On Wednesday – Nifty fell more than 160 pts. Broke the support zone of 16000.
Market has been trending up in last week, but now it seems to cool off. From the highs of 16275 it is now trading below 16000.
Now let’s analyse chart on a Hourly time-frame:
The bulls pulled market from the high of 16275 to below 16000 levels.
Now at these levels, there is a tough fight between Bulls & Bears.
Bears gdragged market below 16000.
But looking at last week rally, it seems bulls will gather force to regain 16000 levels soon.
So in this expiry two important levels are must to watch:
Resistance – 16100
Support – 15900
However, if bulls took nifty above 16000 and closed at 16100 level then upmove may continue. But if bears take market to further lows then 15800 will be next support to stop bears.
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