Nifty Prediction, 04 Aug 2022 Expiry – Followup

Updated on: Aug 30, 2022, 2:10 PM IST

"As stated in this week's prediction, Nifty faced resistance at 17400 level which was weekly supertrend level. Where will Nifty expire this week ? Find a major Support & Resistance level."

Nifty Prediction, 04 Aug 2022 Expiry – Followup

Nifty Weekly Expiry Outlook for 4th August 2022 follow-up note

Below was our analysis for this expiry :

Chart Analysis

Nifty CMP : 17158

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

This weeks Verdict :

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.

Trades Given :

This week, in initial trading sessions, Nifty may be in consolidation mode. You can trade Strangle with 17600 & 16600 strikes. – Won
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.- Won
Short, if Nifty breaks 16600-16800 level with intense selling. (Buy Puts, Sell Calls) – NA

Follow-up

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

Also, 17400 acting as resistance which was supertrend resistance level on a weekly timeframe.

Nifty facing ressitance at 17400 zone. Your strangle must have give you good returns this week. Also all the long entries of OTM Put options must have given good return.

Support & Resistance for today’s expiry .

Support : 17200

Resistance : 17500

Charts references :

nifty prediction