Last week, below 11340, Nifty reached our 2nd weekly target. The Index ended the week with a 135-point loss.
On the hourly chart, the Bulls need to trade above 11365 to move towards 11425/11510 levels.
Nifty Bears will get the chance only below 11245 for the move towards 11185/11100.
On the Daily chart, the Index made the low around 111210 levels. The range of 11200-11180 is a critical support area for the bulls.
We can use the range mentioned above as a pointer for further clues about the upcoming trending move.
Nifty Technical View For Week 29 July-02 Aug
Last week, in this section of Nifty Technical View for week analysis, we discussed how the Nifty bulls failed to continue the upside momentum. Now, the Nifty has closed below 11450 levels, which indicates more pain for the bulls.
The 11450 level has worked ideally below it till now, and the Index has fallen 240 points.
On weekly charts, we are currently trading near the Gann Angle support line. Level 11200 is support on the weekly charts below, and we can see a further decline in the Nifty.
In the forthcoming week, 30 July is the critical date.
Nifty Weekly Trading Levels
Next week, 11365 will act as Resistance above, which moves towards 11425/11500/11620 can be seen.
While Support is likely to come at, 11200 below that move towards 11140/11070/10950 can be seen.
Note: The above-mentioned price projection & other Information are for educational purposes only.
