Nifty faces resistance at 24,900 amid downtrend. How to trade next week

Nifty on Friday ended 293 points lower to form a reasonable negative candle on the daily chart, indicating a short-term top reversal pattern for the index at the new high of 25,078 level.

The short-term trend of Nifty is down, but the near-term uptrend status of the market is intact. There is a possibility of some more weakness in the coming sessions down to 24600-24500 levels before showing any upside bounce from the lows. Immediate resistance is at 24900 levels, said Nagaraj Shetti of HDFC Securities.

Market strategy: Due to geopolitical events and US market collapsed on Friday. Our market look like GAP down on Monday. Although our market is not weak. So GAP down can create good opportunity as well. Although stay away from Banking and IT shares at present Focus sector: Pharma, FMCG, F&B etc. We are closely monitor the market conditions in this week. Don’t worry for any help/guidance we are here. Market will strongly bounce back. Profit booking is good part and correction is also given good opportunity to enter at lower level for your fav shares.

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     PDS LTD CMP 585
🟢POTENTIAL OF 10-15%
🟢AS PER TECHNICAL ANALYSIS
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☑️FLAG & POLE PATTERN DETECTED
☑️RSI NEAR 70
☑️VOLUME SPURTS SOON
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DISCLAIMER:
🔻🔻🔻🔻🔻
CHARTS & LEVELS ARE ONLY FOR EDUCATIONAL PURPOSE AND IT'S OUR OBSERVATION ONLY NOT ANY BUY/SELL RECOMMENDATION.✅✅

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     RUPA CMP 313
🟢POTENTIAL OF 10-15%
🟢AS PER TECHNICAL ANALYSIS
.............................................................
☑️HORIZONTAL SUPPORT & RESISTANCE PATTERN DETECTED
☑️RSI NEAR 70
☑️VOLUME SPURTS SOON
..................................................................
DISCLAIMER:
🔻🔻🔻🔻🔻
CHARTS & LEVELS ARE ONLY FOR EDUCATIONAL PURPOSE AND IT'S OUR OBSERVATION ONLY NOT ANY BUY/SELL RECOMMENDATION.✅✅

Arrow green cmp 787
UPSIDE POSSIBLE - 820/888+
TIMEFRAME - 1week

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