In Nifty Outlook of 07 July, 2022 expiry, we analyzed Nifty on Monthly, Weekly, Daily & Hourly time- frames.
Below was the summary for our analysis:
Monthly time-frame indicates a bearish hold in the market, however there is support from 15200 levels, 16800 being major resistance.
Weekly – Last week candle indicates indecisiveness in market, last week has been very volatile, gave no cues about future direction. For this week, 15900 will act as major resistance zone &15500-15700 being major support.
Daily – Last week, bulls has broken 15700 level, but still there is no followup move upside, Nifty has been trading in tight range of 15700 – 15900 in past week.
Hourly – On Friday, bears broken 15700 level but bulls pulled it again back to 15700 from the lows of 15500.
Now, going forward on a Daily time-frame if we analyse:
On Monday – From the lows of 15500 Nifty closed with solid green candle.
On Tuesday – Nifty rallied upto the level of 16000, but couldn’t hold 16000 level then came back below 15900.
On Wednesday – Nifty rallied one sided closing with solid green candle but couldn’t break 16000 level.
So market has recovered in this week, first crossed the resistance of 15700 then 15900 then ready to test resistance zone of 16000
Now let’s analyse chart on a Hourly time-frame:
- From the lows of 15500 Nifty rallied upto the level of 16000.
- Howe ever, It again fell to the level of 15800.
- But on Wednesday, it rallied one sided to break 15900 resistance.
- However 16000 will act as resistence, which need to be tested in coming days.
The bulls pulled market from the lows of 15500 to 16000 levels (500 pts).
Now at these levels, there is a tough fight between Bulls & Bears.
Bears not ready to give 16000 resistance zone.
Bulls are continuously giving pressure, and was not going below 15700.
But In this expiry if Bulls gathered and broke 16000 levels, so new high can be seen in coming days. However from 16000 will act as good resistance zone.
So in this expiry two important levels are must to watch:
Resistance – 16200
Support – 15900
However, Bears are continuously trying to defend 16000 level it seems if market spend more time at this level that will give more time to bulls to gather power and break 16200 level soon.
Try Insta Trade
The easiest Options Trading platform! Get Charts, Watchlist, Positions & live P&L in single screen