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Nifty Weekly Expiry Outlook for 4th August 2022

18 April 20234 mins read by Angel One
Nifty price action indicates Bullish trend given the positive global cues, but RSI on a daily time has to say something. How will Nifty behave in this expiry? What are important levels to trade?
Nifty Weekly Expiry Outlook for 4th August 2022
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Let’s start this expiry outlook with analysis of: Monthly, Weekly, And Daily time-frames.

Chart Analysis

Nifty CMP: 17,158

Time Frame Trend CandleStick RSI Resistance Support
Monthly Bullish Bullish 63 (Neutral to Overbought) 18000 15500
Weekly Bearish Bullish 56  (Neutral) R1 -17365

R2 -18000

S1 – 16500

S2 – 16000

Daily Bullish Bullish 73 (Overbought) R1 -17365

R2 -17600

S1 – 16800

S2 – 16600


Chart analysis indicates Nifty is in Bullish trend. However in weekly timeframe it is still under negative super-trend level which indicates Bearish view. But looking at the candles on daily timeframe it can be said that on a weekly timeframe too, Nifty will come to positive trend. 

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 one-two trading sessions Nifty may consolidate, and Daily RSI level cools-off from 73 to 60 levels as market may not stretch much from these RSI levels at daily time-frame.. 

17350-17400 zone will act as major resistance zone in coming days. 


  • This week, in initial trading sessions, Nifty may be in consolidation mode. You can trade Strangle with 17600 & 16600 strikes.
  • Long , if Nifty consolidates and daily RSI cools off upto 60 & Nifty take support at 16800 levels. (Buy Calls, Sell Puts), however for this expiry, one can sell OTM put options with strike 16300, 16400,16500 strikes with proper risk management.
  • Short, if Nifty breaks 16600-16800 level with intense selling. (Buy Puts, Sell Calls)

Charts references

nifty prediction

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