June,26 2023 NIFTY 50 Index, pivot points, bullish outlook
The NIFTY 50 Index had a strong week from June 19 to 24, 2023. The index closed at 18750.15 on June 24, up 2.5% from the previous week. The main drivers of the index's performance were positive global cues and strong domestic economic data.
The technical indicators are also bullish, with the RSI, Stochastic, MACD, and ADX all pointing to a continuation of the uptrend. The moving averages are also in a bullish configuration, with the MA5, MA10, MA20, MA50, and MA100 all above the price.
The pivot points for the next week (June 26-30) are as follows:
S3: 18330.65
S2: 18445.20
S1: 18635.60
Pivot Points: 18750.15
R1: 18940.55
R2: 19055.10
R3: 19245.50
The pivot points suggest that the index is likely to continue to trade in a bullish range next week. The support levels at S3 and S2 are likely to hold, while the resistance levels at R1 and R2 are likely to be tested.
Overall, the outlook for the NIFTY 50 Index is bullish for the next week. The index is likely to continue to trade in a range, with the potential to break out to the upside.
Here are some additional factors that could influence the index's performance next week:
Global cues: The performance of global markets will be an important factor for the NIFTY 50 Index. If global markets continue to rally, the NIFTY 50 Index is likely to follow suit.
Domestic economic data: The release of key domestic economic data, such as GDP growth and inflation, could also influence the index's performance. If the data is positive, it could boost investor sentiment and support the index's upward momentum.
Fundamental factors: The performance of individual stocks in the NIFTY 50 Index will also be a key factor. If some of the large-cap stocks in the index continue to perform well, it could support the index's overall performance.
This is not financial advice. The information in this blog post is for informational purposes only and should not be construed as financial advice. You should always do your own research before making any investment decisions.
The pivot points are calculated using the previous week's high, low, and close prices. The S3 and S2 levels are the support levels, while the R1 and R2 levels are the resistance levels. The pivot point itself is the center of the trading range.
The pivot points for the next week suggest that the NIFTY 50 Index is likely to continue to trade in a bullish range. The support levels at S3 and S2 are likely to hold, while the resistance levels at R1 and R2 are likely to be tested.
Here is a more detailed explanation of the pivot points:
S3: This is the strongest support level. If the index breaks below this level, it could signal a trend reversal to the downside.
S2: This is a weaker support level than S3. If the index breaks below this level, it could signal a temporary pullback in the uptrend.
S1: This is the weakest support level. If the index breaks below this level, it could signal a more significant decline in the index.
Pivot Points: This is the center of the trading range. If the index closes above this level, it could signal a continuation of the uptrend.
R1: This is the first resistance level. If the index closes above this level, it could signal a breakout to the upside.
R2: This is the second resistance level. If the index closes above this level, it could signal a more significant rally in the index.
R3: This is the strongest resistance level. If the index closes above this level, it could signal a major trend reversal to the upside.
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