Market Weekly Analysis Edition – NIFTY – 29th July 2019 to 2nd August 2019

In the weekly edition, we talk about the whole week of movement of the market particularly of Nifty 50 and on the basis of this, we predict of the coming week movement. In the previous week we were discussed that if the Nifty will trade and sustain above 11300 then only upside movement can be expected otherwise the Nifty will fall till 11108.30 this is the level that stood with and finally not only the Nifty achieved it but also breaks and closed below of it.

The whole week the markets were highly volatile and we were seen that the bears hold the market, on every pull back we found the supply in the markets. This week the Nifty lost 286 points, Bank nifty lost 1120 points and Sensex lost 455 points respectively during the week. The Nifty last week closed at 11284.30 and this week was opened at 11307.50 while this week closed at 10997.35. This is the 5th week the Nifty continuing losing.

In our daily and weekly analysis of the stock market, we discussed only on technical, whatever is our prediction is about the market particularly the Nifty is on a technical chart basis only.

Above is the spot Nifty 50 weekly chart and each candle representing a week. From the above weekly chart we can see that the Nifty is in an uptrend and it is clearly trading above its uptrend line 100 DMA and 200 DMA respectively and this week the Nifty closed above its uptrend line and moving averages of 100 and 200 DMAs. Closing below of the uptrend line will take the Nifty towards 10600 technically and if it sustains above its uptrend line then the nominal bounce back can be expected short term till 11300 other-wise the downtrend will also start on weekly chart then the big correction will be seen in coming weeks.

11050 to 11100 will be the key level for the Nifty for next week, if the Nifty will continue trade below of these levels and closes its uptrend line then the market will fall sharply.

Trading range for the Nifty for next week 05 august 2019 to 09 august 2019

Upside resistance(weekly) :-             11255, 11385, 11500.

Downside support(weekly) :-            10800, 10600, 10125.

Result calendar for the week

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