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Nifty Weekly Expiry Outlook for 28th July 2022

18 April 20233 mins read by Angel One
Nifty has been bullish in past week, from the lows of 16150 it touched the high of 16750. What will be Nifty doing in next week. What should be your strategy for Nifty this expiry ? Let's analyse.
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Let’s start this expiry outlook with analysis of: Monthly, Weekly, Daily time-frames.

Chart Analysis

Time Frame Trend CandleStick RSI Resistance Support
Monthly Bullish Bullish 60 (Neutral to Overbought) 16800 15500
Weekly Bearish Bullish 51 (Neutral) R1 -16800
R2 -17350
S1 – 16150
S2 – 15850
Daily Bullish Neutral 70 (Overbought) R1 -16800
R2 -17000
S1 – 16500
S2 – 16350

Verdict

Chart analysis indicates that 16800-17000 level will act as important resistance zone, also RSI at daily and hourly time frame is at Over Boought zone suggests that in near-term Nifty may not go up with same pace. It may retrace upto the point when RSI cools-off to the level of 40.

So we may see Nifty retracing upto the level of 16350-16500 level in coming week. Upside seems limited in coming week. 

Trades

  • This week Nifty may be in consolidation mode. You can trade Strangle with 17000 & 16500 strikes.
  • Long , if Nifty consolidates and RSI cools off upto 40-45 & Nifty take support at above support levels. (Buy Calls, Sell Puts).
  • Short, if Nifty breaks 16300-16350 level with intense selling. (Buy Puts, Sell Calls).

Charts references

nifty prediction

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