22nd April 2024 – Bulls had a difficult week last week as the benchmark Nifty 50 index experienced a significant decline, closing nearly 1,000 points below its peak. But, traders had to have been aware of the solid support zone between 21,700 and 21,800, which was preventing the index from dropping for a while.
In the past, the index has found support in this zone and turned around to reach a new all-time high. And once more, this level was expertly challenged last week, and traders were ready to seize the chance, if only for the brief upswing that is currently taking place.
The Nifty 50 had a strong start to the week on Monday, rising 150 points to 22,296 by 11:34 AM IST. This increase has come about following a Friday rise of 151 points. An increase of more than 300 points in just two sessions. The index must reach 22,503 in order to close the remaining gap on the daily chart.
Conclusion
This offers an additional 200 points or so of possible upside from the current levels, but even if this rebound happens, the overall trend is still neutral or sideways. Following another breach of the all-time high, the upswing will continue.
Source:Link
