Last week, hopes of growth in the stock market once again collapsed and the market declined on a weekly basis. Although the decline is not much, feelings remain weak. On a weekly basis, the Nifty closed at 22397 against 22,460. That is, the Nifty declined by 63 points last week, but the last week remained fluctuating. The Nifty closed at 22397 on Thursday. This is the support level of the Nifty. Meanwhile, the Nifty created a red candle on the daily chart, which reflects the weakness of the market, but the Nifty is still at a level where it can get support. The Nifty has a resistance level at 22500 levels, from where the price is getting frequent rejections. The major resistance of the Nifty above this level is at the level of 22600. The Nifty will have to break the level of 22600 on the closing basis to proceed.
How can Nifty trade be done on Monday?
Nifty can open with a gap-up on Monday due to a boom in the global market. The Nifty is expected to open between 22450-22500, but the big challenge is to maintain this lead after this. If the Nifty does not cross the 22500 level after the gap-up opening, the upper level may again cause pressure and the Nifty may be negative by losing its edge. Nifty may appear to be increased due to the effect of global emotions. If for some reason there is no gap up opening in the Nifty, then the sentiments will be weak and we can once again see a support level of 22315.
When will the Nifty grow very fast?
In the last few days, the Nifty has tried to return, but the news coming from the global market has turned this fast. The Nifty will have to break the major resistance level of 22656 with good volumes, only then the Buyers will be confident in the Nifty. The Nifty is not expected to have a big boom until the 22656 level is broken. If you look at the levels below, the level of 22300 has proved to be support for Nifty. If we go below this level, then the level of 22000 can be seen in the Nifty.
