Nifty Weekly Expiry Outlook for 21st July 2022

Let’s start this expiry outlook with analysis of: Monthly, Weekly, Daily, Hourly time-frames.

Monthly time-frame

Past Analysis

• June month candle has broken the major support zone of 15700, but recovered from the lows of 15200.
• Monthly time-frame indicates a bearish hold in the market, however there is support from 15200 levels, 16800 being major resistance.

Now what

• July month monthly candle is an Inside bar for June month bearish candle. On a monthly timeframe indecisiveness is the state for nifty.

Weekly Time-frame

Past Analysis 

• After getting resistance from 16800, bears gripped the market with full force, broken the major support zone (15700-16000). However, Nifty got supported from 15200 level.
• Past weeks candle indicates bullishness in market, from the lows of 15700 it went up to the high of 16300.

Now what

This weekly candle is inside bar candle of previous week candle. 16300 being major resistance zone.

Daily Time-frame Analysis

Past Analysis

• From the highs of 16300, Nifty fell up to the lows of 15900.
• In past few days Nifty has been bearish but on Friday, from the lows of 15900 Nifty seems recovering.

Now what

• Nifty gave closing above 16000 levels. Finding major support at 15900 levels. However 16150 being major resistance zone.

Hourly Time-frame Analysis

• In past days market been trading in downward falling channel
• On Friday, Bulls broke the channel and gave closing above 16000 levels.

Concluding Analysis :

• From the Highs of 16300 Nifty fell up to the lows of 15900.
• Nifty has been falling in a downward channel 
• Now the channel is broken by Bulls. And took nifty above 16000 levels.

So important levels to watch:

Support & Resistance Zone

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