As posted in last week’s analysis: Nifty is moving towards multiple resistance levels, 11590 will act as a stiff resistance.
Above that move towards 11670 / 11755 can be seen on a short-term basis 11500 will be significant support below that move towards 11440 / 11380 / 11270 can be seen.
Last week Nifty opened the gap down below our support level 11500 and never look back for recovery & did all our targets. Well, it was an extraordinary week for Indian markets, as on Friday we saw free fall in both the Index.
In the 02nd September analysis we already mentioned Nifty is trading near Important Monthly Cycle Turning Point, & same has happened, till now we have seen around 900 point downside in this month.
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On the weekly chart, Nifty has made low precisely on the critical Gann angle, the same can be seen in the above chart.
Now moving forward to the next week, 11200 will act as significant resistance above that move towards 11280 / 11380 / 11500 can be seen, & 11120 will serve as support below that move towards 11040 / 11930 can come.
Note: Above mention Price projection & other Information are for educational purposes only.
