24000 soon on the cards?? | 4th -7th August Weekly Analysis | Nifty, BankNifty, Bitcoin & Gold

Summary

In this detailed weekly analysis, the speaker offers a comprehensive overview of Nifty, Bank Nifty, Sussex, Bitcoin, and Gold markets. Focusing on key technical levels, market supports, and price action patterns, they outline a mix of bullish and bearish perspectives. The analysis emphasizes crucial levels such as 23,800 for Nifty and 55,150 for Bank Nifty, alongside potential breakout points. The speaker also discusses strategies for navigating market volatility and shares their personal trading approach, including how to identify strong support and resistance zones. Additionally, they offer resources like podcasts for further learning and trading insights.

Takeaways

• 😀 Nifty shows a bearish candle on the weekly chart, indicating a bearish bias for the upcoming week, but it is near crucial support at 24450.
• 😀 The long-term view for Nifty is bullish, but short-term predictions suggest potential bearish movement before any reversal.
• 😀 If Nifty breaks below the 24450 support, it could reach a target of 23800, where buying would be considered a good opportunity.
• 😀 On the daily timeframe, there is a bearish bias due to trapped bullishness, with a gap down opening possibly triggering a sell-off.
• 😀 Key levels to watch for Nifty include 24000 and 24700 for support and resistance, with a potential bullish reversal above 24950.
• 😀 Bank Nifty has broken down below support and is making an inside candle, which has a high probability of continuing the bearish trend.
• 😀 Major support levels for Bank Nifty are 55150 and 53600, with the latter being a long-term support level that has not been tested in a while.
• 😀 Bitcoin shows a bearish trend with a breakdown of a rectangle range, and a good buying opportunity is expected near 110,000.
• 😀 Gold's chart resembles Bitcoin’s, with a consolidation above an all-time high, and a potential for reversal near the previous ATH zone.
• 😀 In volatile market conditions, the speaker emphasizes focusing on price action and key support/resistance levels, rather than macroeconomic factors.
• 😀 The speaker recommends podcasts and YouTube channels like 'Words of Wisdom' and 'Chart Fatakk' for traders looking to improve their skills and learn from verified experts.

Q & A

What is the general outlook for Nifty in the short term?

The outlook for Nifty in the short term is bearish due to a bearish candle formed on the weekly chart. However, it's near a crucial support level (24450), and there could be a bounce if the price holds above this support.

What could invalidate the bearish bias for Nifty?

If Nifty closes below the 24450 support level with a full-bodied candle, the bearish bias could strengthen. This would indicate further downside risk, and the speaker would reassess the outlook.

What is the long-term outlook for Nifty?

The long-term outlook for Nifty is bullish, with expectations for a significant upmove once the current consolidation phase ends. The speaker believes that the market is preparing for a big move, possibly towards an all-time high.

Where does the speaker suggest adding longs for Nifty?

The speaker suggests adding longs near the 23,800 level if Nifty drops to that zone, as it has been tested multiple times and could act as a strong support level.

What does the speaker mean by 'time pass' in Nifty's context?

The term 'time pass' refers to a period of consolidation or range-bound movement in Nifty, where the market stays within a certain range without making any significant directional moves.

What is the potential strategy if Nifty does not break the Friday low?

If Nifty does not break the Friday low, the speaker suggests that the market may stay within a range, and traders should look to book profits or trade within the established range.

What are the key levels to watch in Bank Nifty?

Key levels for Bank Nifty include 55,150 for short-term support, and a major long-term support level is at 53,600. These zones are crucial for identifying potential long opportunities in case the market moves down further.

How does the speaker approach trading Bitcoin?

The speaker suggests a bearish bias for Bitcoin, recommending call selling above a certain strike price (12,000). They also expect a bullish reversal near the 110,000 zone, where Bitcoin could potentially find support.

What is the speaker's outlook for Gold?

The speaker's outlook for Gold is similar to Bitcoin's. They believe Gold is in a bearish phase after breaking its all-time high but could reverse to the upside if it retests key support levels after consolidation.

What is the speaker's view on market volatility and its impact on trading?

The speaker acknowledges the market's volatility and suggests that traders should focus on price action and technical levels, rather than macroeconomic conditions. The speaker advises adapting strategies based on real-time price movements.