Market Update
Harsh Patel
Founder
GIFTNIFTY indicates lower opening to 23743, marking reversal from 24100 level as US-Iran peace negotiations falls apart, will Nifty head back to 22000 level?
NIFTY WEEKLY CHART
SUPPORT: 22250-21700 RESISTANCE: 24000-24300
Nifty made high of 24074 on Friday which was Trend Line Breakdown Re-testing zone on the weekly chart, this completes re-testing and corrective wave for the recent fall from 26277 to 22182, almost nearing 50% retracement level of 24260.
As per the daily chart a breach below 23680 to indicate resuming of down trend, which may intensify selling pressure to 23400-23000 level, we may see expiry day low near 23200, expect weak market this week.
Geo-political remarks worth noting for the week ahead-
Trump made a statement that stock market is not down that much and he doesn’t care if oil prices goes up, well cause there have the largest saleable stock of oil today after taking Venezuela and blockading Gulf and sanctioning Russia.
Last week we mentioned that a bounce to 24100-24300 is an opportunity to exit weak long positions amid the crisis, and to add contra sort bets on Nifty.
Tradzo maintains cautious view and Nifty target of 19000-17000 for 2026 as per Global Macro-economic headwinds led Recessionary-Tail Risk and advice to reduce weak long positions in overvalued stocks based on trailing valuations and ignoring over-estimated forward ratios.
Read full of Analysis of Nifty50 here for broader view.
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