Nifty 50 Analysis:
After six consecutive red candels , Nifty 50 index closed in green this week but failed to closed above previous week’s high i.e 24736.25. The index returned thrice from the level 24700.
If we see weekly chart , the good thing is that it bounced from the lower levels .
On daily basis, after continuous downfall the index formed a big green Marubozu candel.
From last three sessions market is trying harder to resume momentum , but because of selling pressure around 24700 level the index failed to cross 24700. Market is in wait and watch mode after the announcement of ‘Trump-Putin’ meeting on 15 august in Alaska.
So the trend was missing this week but Nifty any how closed in green on weekly basis.
After the outcome of the meeting , any trending move might start.
Enjoy the long weekend.
HAPPY INDEPENDENCE DAY IN ADVANCE.
Happy independence day in advance.
Bharat Mata ki jai