“Nifty has consistently registered weekly lows on Fridays over the past three weeks, a clear bearish signal. Despite this, the index struggles to accelerate its descent, primarily due to the prevailing strength in global markets. The remarkable resilience of the S&P 500, along with the undeniable uptrends across European and other Asian indices, highlights Nifty’s significant underperformance globally.
This divergence could be largely attributed to Nifty’s weekly cycles, which are scheduled to conclude next Monday, July 28th. Once this time pressure dissipates, Nifty may realign with its international counterparts. Consequently, the upcoming week is absolutely critical for all global markets, especially the U.S. markets.
Should the U.S. market initiate its long-anticipated pullback next week, Nifty would likely swiftly retest its swing lows of 24462 to 24473 on spot. This zone will be the decisive factor for Nifty’s medium-term trajectory. For now, we maintain a slight bearish bias, anticipating a potential retest of these swing lows. Yesterday’s high will serve as a strong resistance level on the upside.
gann,insides 