Last week, above 11885 resistance, Nifty reached our 2nd weekly target of 12020 levels.
In the coming week, the RBI Policy on June 6th can act as a critical driving factor for the market.
On the Nifty hourly chart, Bulls are making strong support in the zone of 11840-11820; below it, we can see the move towards 11780/11720/11640 levels.
Bulls must sustain above the 12025-12050 range to regain strength.
As per the Nifty Daily Chart, prices are taking support on the above-shown angle line.
Closing below can show a drop of 120-180 points and short-term weakness in the market.
Nifty Weekly Forecast For 03-07th June
In the forthcoming week, 03rd & 06th June are the critical dates.
Next week, 11960 will act as Resistance above, which will allow the price to move towards the 12020/12100/12220 level.
On the Support side, 11840 will work as support, and below that, a move towards 11780/11700/11580 can come.
Note: The above-mentioned price projection & other Information are for educational purposes only.
