Nifty Weekly Prediction, 11 Aug 2022 Expiry

Let’s start this expiry outlook with analysis of : Monthly, Weekly, Daily time-frames.

Chart Analysis

Nifty CMP : 17397

Verdict :

Chart analysis indicates Nifty is in Bullish trend. Weekly timeframe too turned positive from negative super-trend level which indicates Bullish view.  

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 trading sessions Nifty may consolidate, and Daily RSI level cools-off from 76 to 60 levels as market may not stretch much from these RSI levels at daily time-frame.. 

17500-17600 zone will act as major resistance zone in coming days. And 17150 & 17000 will support market.

Trades :

• Outlook is cautiously bullish. Market may consolidate in coming days. Can go long above 17500. Short if market falls below 17150.

Charts references :

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