Nifty 50 Weekly Analysis: Key Levels & Trend Outlook

Weekly Recap:
The Nifty 50 closed the week at 22,124.70, marking a significant decline of -2.94%. The bearish momentum dominated the market, pulling the index lower as selling pressure intensified.

Key Weekly Levels for Next Week
Price Action Pivot Zone:
The crucial zone to watch for any potential reversals or trend continuation is between 22,054 - 22,198.

Support & Resistance Levels:
Support Levels:

S1: 21,828
S2: 21,532
S3: 21,211

Resistance Levels:
R1: 22,422
R2: 22,722
R3: 23,007

Market Outlook:

• Bullish Scenario: A sustained move above 22,198 and strength beyond 22,422 could attract buyers, driving Nifty towards R1 at 22,422 and possibly higher.
  
• Bearish Scenario: If 22,054 fails to hold, the market could witness further selling, driving Nifty towards S1 at 21,828 and possibly lower.