Last week, the Nifty opened a gap down and did all three targets on Tuesday only. The index ended the week with a 258.65-point loss.
In the coming week, Nifty is approaching the Fixed time cycle date.
On the hourly chart, Nifty Bulls need to trade above 11655 to rise further towards 11705/11770 levels.
Nifty Bears will get the chance only below 11540 for the move towards the 11490/11420 level.
On the Daily chart, Nifty bulls must close above 11600 for a further rise towards 11655/11770 levels.
On the lower side, a close below 11461, last week’s low, will add more weakness to the index.
Nifty Technical Analysis For the Week 15-19 July
Last week, in this section of Nifty technical analysis, we discussed that Nifty has made the Short-term Pivot (Resistance) on the weekly chart. Now, for a short—to medium-term rally, the Bulls will be active only above the 12010 weekly close.
The Bears played well and dragged the Nifty almost 3% down, But now the Bulls can bounce back.
For a thorough reversal Index, it needs to hold 11450 on a weekly basis. Multiple confirmations suggest we may see the Pivot (Support) around 11450.
The critical dates for the forthcoming week are 16 & 18 July.
Nifty Weekly Trading Levels
Next week, 11600 will act as Resistance above, which moves towards 11655/11720/11810 can be seen.
While Support is likely to come at 11450 below, that move towards 11400/11340/11250 can be seen.
Note: The above-mentioned price projection & other Information are for educational purposes only.
