Last week, below 11695 Nifty failed to hit any of the targets. Later in the week above 11850 resistance level almost did our 1st target.
In the last week analysis, we also discussed 11695 Daily chart level would act as support on closing basis.
Hence Nifty did not give any close below 11695 and bounced nearly 225 points. The index ended the week with 64.75 points gains.
In the next week, we have a Union Budget Event, which will be the key driving factor for the markets.
Nifty Hourly Chart
On the hourly chart, Nifty Bulls need to trade above 11901 for a further rise towards 11955/12030 levels.
Nifty Bears will get the chance only below 11750, for the move towards 11695/11620 level.
Nifty Daily Chart
Nifty Weekly Chart
Nifty Analysis For the Week 01-05 July
On the weekly chart, fresh Breakout for long side is still waiting. The prices are making crucial changes on the Weekly chart, but we are waiting for the breakout.
In the forthcoming week, 01 & 05 July is the critical dates.
Nifty Weekly Trading Levels
Next week 11875 will act as Resistance above which move towards 11930/11995/12090 can come.
While Support is likely to come at, 11750 below that move towards 11695/11630/11540 can come.
Note: Above mention price projection & other Information are for educational purpose only.