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keep tracking high last week with a significant increase in buying volume of 12% compared to the previous week. Last week, Nifty opened at 19525.05 reached a high of 19867.15, a low of 19432.85, and closed at 19819.95, gaining 384.65 points, which is 2%. Once again, last week, Nifty closed near its high, indicating the possibility of further upward movement in the coming week. Nifty formed a bullish candle, and bears were unable to exert downtrend pressure from 4th September to 8th September.
Nifty has seen six consecutive positive days on the daily chart. Bulls have complete control and are poised for further gains. As per my article dated 4th September 2023, Nifty has undergone a change in its course, gaining 300 points. Bull did not allow bears to disrupt the upward movement in their territory. Interestingly, Nifty has found support at 19225 in its charts for the last two months, including the first week of September, where it remained unchanged. and provided strong support to drive the Nifty index higher, and we expect Nifty Bank to continue its positive performance this week. is showing signs of fatigue and may attract bears looking to book profit. Nifty media has formed a bearish engulfing pattern, and we may witness a downside movement.
On Friday, Nifty gained 92.9 points, closing at 19819.95, helping to sustain its uptrend as a change of course. Bulls are driving convincingly and still have room to reach 20100-20200, but bears might attempt to dent the market by 150 points. It’s crucial for Nifty not to breach its short-term support 19550. Nifty is expected to face resistance around 20100-20200, with support levels at 19550-19500.
Disclaimer: All views and analyses expressed here are for reference only. Specific trading involves a substantial risk for traders/investors must consider all risk factors of their personal finances before trading. Must consult your own investment adviser before making any trade.
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