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Last week, the bulls fought and regained the lost ground of , signaling an uptrend. Nifty opened at 19298.35, reached a high of 19458.55, and a low of 19223.65 before closing at 19435.30. Nifty closed near its weekly high, halting profit booking and forming a bullish formation. The bears were unable to sustain their downtrend and ultimately lost the battle to the bulls. Nifty is expected to continue its 300-point range movement on the upside in the weekly chart.
On 28th August 2023, Nifty formed a Doji pattern on the daily chart to defend the downtrend, gaining 40 points and closing at 19306.05. Shorter DMAs turned positive, indicating a potential uptrend. Most oscillators and indicators are converging toward the north, suggesting that bulls will likely push Nifty to 19,585 and beyond this week. Interestingly, Nifty has closed the downside window, indicating the potential for a rally of another 300-400 points in the coming weeks. A significant bounce-back by the bulls is expected to change the course of Nifty, with support from , and in the upcoming weeks.
On Friday, Nifty gained 181.5 points, reversing its downtrend as it closed convincingly above 19310. Bulls are expected to drive Nifty further up, targeting the range of 19,725 to 19,800 above the close on 1st September 2023. The support levels are 19,225 – 19,150.
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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