Last week, above 11370, the Nifty bulls gained strength and achieved all three weekly targets. The Index ended the week with a 356-point gain.
Nifty is approaching a critical fixed time cycle period in the coming week.
As per the Nifty hourly chart, Bulls must trade above 11715 for the up move towards 11780/11870.
On the other hand, Bears will become more powerful below 11615 levels as they move towards 11550/11460 levels.
As per the previous week’s discussion, Nifty Bulls get more strength above 11420 daily chart levels.
In the coming week, the Bulls need to close above the 11675-11700 resistance zone to keep the upside momentum in their favour, whereas the Bears will get the chance below 11530 to move towards 11460/11350 levels.
Nifty Forecast for 22-25 Oct Week
We discussed this section of the Nifty Weekly Forecast last week. As long as the Nifty does not close below 11170, bulls are in a balanced position. A weekly close above 11580 will add more positive action towards the upside.
The previous week, Nifty Bulls managed to close at 11580. So, we can see more upper levels in the coming weeks.
The weekly chart’s support has now shifted to 11330. Any close below that will add short-term bearishness.
In the forthcoming week, the 22nd & 25th of October are the critical dates.
Next week, 11730 will act as Resistance above, which move towards 11790/11870/12020 can seen.
While Support is likely to come at 11600, that move towards 11540/11460/11310 can be seen below.
Note: The above-mentioned price projection & other Information are for educational purposes only.
