Nifty Weekly Expiry Outlook Note For 28th July 2022 Follow-Up Note

Below was our analysis for this expiry:

Chart Analysis

This week’s 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 given

• 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)

Follow-up

In line to our analysis, Nifty fell from the resistance zone of 16800 where RSI was at overbought zone of 70 on a daily timeframe.

Nifty gained support at 16450-500 level. Your strangle must have give you good returns this week.

Support & Resistance for today’s expiry .

Support : 16500

Resistance : 16750

Charts references :

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