Last week, below 11695 Nifty failed to hit any of the targets. Later in the week above 11850 resistance level almost reached our 1st target.
In last week’s analysis, we also discussed how the 11695 Daily chart level would act as support on a closing basis.
Hence, the Nifty did not close below 11695 and bounced nearly 225 points. The index ended the week with 64.75 point gains.
We have a Union Budget Event next week, which will be the key driving factor for the markets.
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 the 11695/11620 level.
On the Nifty daily chart, I have marked two Pivot Points, which will act as support & Resistance.
The upper side Pivot Point (Resistance) is at 11920, and the lower side Support Pivot is located at 11750.
Nifty Analysis For the Week 01-05 July
On the weekly chart, a fresh Breakout for the 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 are the critical dates.
Nifty Weekly Trading Levels
Next week 11875 will act as Resistance above which move towards 11930/11995/12090.
While Support is likely to come at 11750, below that, a move towards 11695/11630/11540 can occur.
Note: Above mention price projection & other Information are for educational purposes only.
