Integrated below Nifty Resistance, Key Supports In the midst of a cautious view

One pay firm was drawn in the trading week cut in the markets as they ended on a positive note after breaking a six-week defeat. The Nifty remained in a relatively narrow range, which was oscillating between 24,347 and 24,702, which showed a weekly trading range of 355 points. Despite the short week due to the Independence Day holiday on Friday, the index increased by 268 points or 1.10%. India Viks, which considers the instability, increased 2.68% to 12.35, which showed a slightly higher risk of vision but is still relaxed.

The comprehensive structure suggests that the Nifty is currently moving in range-bound fashion, facing overhead pressure from declining trendline resistance that extends all the time. While the index manages to stay above its key short-term dynamic average, the overall structure is now the non-trending market for. Only under the resistance area of 24,800-25,000 reflects a cautious yet elastic remedy. The crucial move above this zone can re -rule the upward speed, while any drift below 24,200 may exacerbate sales pressure.

Given the current setup, the Nifty can see the beginning of next week. Immediate support is placed at 24,200, followed by strong support near 23,880. On the side of the side, the resistance exists at 24,800 and then 25000. Unless the index is broken above this resistance area with strong volumes, any sidewalk can be closed.

Weekly RSI is 52.50; It remains neutral and does not show any variation against the price. RSI indicates that the market is neither higher nor more. Weekly MACD remains below its signal line, reflecting the constant lack of positive motion.

From the point of view of the pattern analysis, the Nifty remains below a falling trendline drawn from the recent S to a plenty, which acts as a rigorous resistance. While the index is still trading above its 50-week and 100-week moving average (24,191 and 23,148), respectively, the lack of challenging the falling trendline indicates a pause in bullish pace. As long as the index is above its -5 -week average, the wide uptrend remains intact, but for now, the absence of a fresh breakout keeps the tendency sensitive to consolidation.

In the coming weeks, a cautious and stock-specific approach is advised. The index should still be avoided, with key resistance levels and united below no breakout confirmation. Traders will do well to save the benefit and monitor the 24,200 level as key support. A measured and aware approach with a strict stop loss would be the best way to navigate a week.

In our appearance on the Related Rotation Graph®, we compared different sectors against the CNX500 (Nifty 500 index), representing more than 95% of the free-float market cap of all listed shares.

Related Rotation Graph (RRG) shows that the Auto To Index has turned within the leading quadrant and is showing improved relative velocity with the infrastructure index, which has also been placed in this quadrant.

Nifty Media, Realty, Metal, PSE, PSU Bank, Midcap 100 and ENERGY Raza Indicators are also within the leading quadrant. All of these indicators are showing intense pering of the relevant pace against widespread markets. Because of this, their related performance can be slightly reduced.

The Nifty Financial Services and the Nifty Bank index shows an improvement in the relevant pace while living within the weak quadrant.

The Nifty Services Sector Index shows a sharp improvement in its relative motion, while the legging is within the quadrant. In addition, consumption and commodities indicators remain within the legging quadrant.

The Nifty Pharma and IT index correction are placed within the quadrant. Given the path of their rotation, they are expected to continue to improve their related influence against widespread markets.

Important Note: RRG ™ charts show the relevant strength and motion of a group of stocks. In the above chart, they show relevant performance against the Nifty 500 index (extensive markets) and should not be used directly as signs of purchase or selling.

Milan is the founder of Vaishnav, CMT, MSTA, Consulting Technical Analyst and EquitySarch.sia and Chartwizard.AE and located in Vadodara. It can be reached at Milan.Shishnav@equityresearch.asia

(Connection: The recommendations, suggestions, views and views of the experts are their own. This does not represent opinions of economic time)