Nifty Weekly Review – Week Starting 4 Nov 23
November month remained a best performing month of last 5 months. Nifty was up 5.52% in the month of November, 23.
The monthly close was a very strong bullish close. It closed above all the last four months close (Jul to Oct)
Weekly review & expectation ahead
On a weekly basis, the last week close was strong bullish close. It almost closed near its high of 20291, at 20267.
It shows strong buying pressure and very strong presence of bulls.
Nifty is right now in expanding trading range and bull leg is almost about to reach to near 20450-20500.
20450-20500 is potential resistance where Nifty may see some selling or correction, if the bulls were unable to produce buying pressure near this zone.
However, the bull rally in last 5 week had been very strong and it created strong buying pressure, so it more likely that either bulls may be able to break above the resistance zone or correction may be minor.
Word of caution here, The breakout attempt near 20450-20500 may tend to fail and it is possible the buyers may get trapped. So it would be wise to wait for a clear breakout above 20450-20500.
If a successful breakout above 20450-20500 happens, the Nifty may move towards 20850-20900 levels.
Disclaimer & Disclosure
The above analysis is based upon assumptions which are valid on the day or writing & publishing this blog. Due to dynamic nature of Market, these assumptions may change & the analysis above may not hold its validity. So, reader discretion is required. Please read the disclosure under SEBI RA Act.
