Stock Markets Recap Week Of 8th July 2022

Summary:

• In the week gone by, Nifty was up by near to 3%. The index has recovered almost 1000 points from its bottom. The index had filled the previous gap by moving above the 16200 level
• With the recent upside move, Index reached to 38.2% retracement level and 100% extension level which indicated an immediate barrier at the 16300 level
• From a time perspective, previous corrective upside moves were of 4 to 5 weeks. The recent upside move also coincides in terms of time
• Based on the above indicators, the Index seems to be at an important resistance level.
• If the index continued to move on the higher side, it has the next best resistance around 16600

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