We discussed the last analysis. Nifty has multiple supports in the 11990-11920 zone. Swing traders should strictly watch the Price action in this area, as mentioned above, for a hint about the next trending move. On the upper side, resistance has shifted to 12100 levels. Above that, we can see Nifty moving towards the 12180/12300 range.
Yesterday, the Index opened with a gap and moved further downwards towards 11935 levels. From there, bulls came back and pushed the Nifty Index towards 12050 before the end of the day.
Our discussed range of 11990-920 worked perfectly. However, as I said yesterday, the range is quite significant, and it is worthwhile to follow, as from the 11935 low, the Index jumped almost 120 points intraday.
The opportunity was great. By applying many of our unique trading techniques, one can find exceptional Intraday reversals like yesterday’s.
The above chart is an example of our ‘Point to Point’ trading method. It picks the reversal for Intraday & rewards well by the end of the day.
Now, moving ahead, primary support for Nifty is still in the same range of 11990-11920. The resistance area on the upper side is 12080-12100. Above that, we can see further upside towards the 12180/12300 range.
Intraday Nifty Trading Levels for 05th Dec
Today’s Intraday resistance is at 12080, above which the move towards 12110/12160/11250 can be seen.
While Support for today is likely to come at, 12010 below that move towards 11980/11930/11840 can be seen.
Note: The above-mentioned Price projection & other Information are for educational purposes only.
