Nifty 50 Weekly Analysis: Key Levels & Trend Outlook

Weekly Recap:
Last week, Nifty opened with a gap-down at 21,758.40, dropping 1,146.05 points or 5%. However, it witnessed a recovery during the week and eventually closed at 22,828.55, marking a marginal decline of 0.33% from the previous week's close.

Key Weekly Levels for Next Week
Price Action Pivot Zone:

The crucial zone to watch for any potential reversals or trend continuation is between 22,754 and 22,941.

Support & Resistance Levels:
Support Levels:

• S1: 22,429
  
• S2: 22,126
  
• S3: 21,766
  

Resistance Levels:

• R1: 23,236
  
• R2: 23,547
  
• R3: 24,005
  

Market Outlook:

Bullish Scenario: A sustained move above 22,941 could attract buyers, driving Nifty towards R1 at 23,236 and possibly higher.
Bearish Scenario: If 22,754 fails to hold, the market could witness further selling, driving Nifty towards S1 at 22,429 and possibly lower.

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