NIFTY 50 WEEKLY CLOSING ANALYSIS :
This week the Nifty 50 Index opened higher , i.e above previous week’s high. After good Gap-up opening on monday it made higher highs from last three days.
Till thursday nifty sustained above the level 25000, but it slips from that level at friday morning session i.e. immediately after opening .
Today after first half the selling pressure increased and the index closed near its previous low of this week i.e. 24860 shown on the hourly chart above.
On hourly chart Nifty closed at support zone , but if we look at weekly chart , weekly closing is not good. Three days gains on the index wiped out in one day only. Since the index was under pressure during full session today , the index might remaing under pressure on monday opening session.
Nifty taken support at 24860 , if this level break we can experience some more downside on the index .
The reason for this fall is Global uncertainities , Tariff and weakness in INR.
Very true analysis
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