A crucial week for Nifty.
Why this week is important for Nifty prices, because within this week, firstly prices will enter in new month's technical perspective and secondly, major economic events are about to take place, which can move global markets on a larger yet decisive manner.
During the month of July, the market touched 12k price and from there it dived to the lowest of 11210.05 in last week's session. Now in this coming week, prices will either continue to drop till bullish invalidation level of 11171.55-11180.90 range, extending to the low of 11118.10 which is pending since last week, or prices will try to rebound from the support of 11227 to high of 11562-11596 range by the end of this coming month of August, if immediate resistance (11311.60) is broken.
This week's technical levels are as follows:-
Immediate support:- 11227 and 11210.05
Immediate Resistance :- 11311.60-11301.05
Upside levels: 11359.25, 11426.15-11415.55 and 11461
Downside levels, 11171.55, 11118.10-11108.30, 11060