Nifty is at bearish territory
On Friday, Nifty experienced a significant break below its major support level of 19318, which had been a crucial level of support for the index. This breach resulted in the closing price falling below the support level, indicating potential weakness in the market. Furthermore, there has been a consistent formation of red candlesticks for four consecutive weeks, which raises suspicions about the overall market trend. Traders and investors may want to closely monitor this situation for further signs of a potential downward movement in Nifty.
For the upcoming week, it is anticipated that there will be an upward movement in the market, but this will only occur if the price surpasses the levels of 19388 and 19498. Conversely, if the price falls below 19300, a downward trend is expected. In such a scenario, the next significant support level to watch out for would be at 19175. Moreover, there is a likelihood of a substantial momentum in the market during this period.
For the upcoming week, it is anticipated that there will be an upward movement in the market, but this will only occur if the price surpasses the levels of 19388 and 19498. Conversely, if the price falls below 19300, a downward trend is expected. In such a scenario, the next significant support level to watch out for would be at 19175. Moreover, there is a likelihood of a substantial momentum in the market during this period.
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