Last week, above 12040, Nifty achieved our second weekly target. The Index ended the week with a 141-point gain.
The Nifty Index will complete the critical time cycle point in the coming week. Additionally, last week’s GDP numbers and the OPEC meeting in the following week will be the watch-out events for traders.
As per the Nifty hourly chart, Bulls must trade above 12100 for the up move towards 12150/12240.
On the other hand, Bears will get strength below 11990 for the move towards 11940/11850 levels.
In the coming day, Nifty bulls need to trade above 12180 for a rise towards 12240/12320.
The primary Support on the lower side is around 11990; any close below that can trigger a fall towards 11940/11800 levels.
Nifty Weekly Trading View 02-06 Dec Week
We discussed this section of the Nifty Weekly Trading View last week. The view as per the weekly chart is still the same; above 12040, we can see the Index’s smooth upside.
Above 12040, Nifty made the high around 12158, a more than 100-point gain. We can see further upside towards the 12270/11390 ranges.
The critical dates for the forthcoming week are 04th & 06th Dec.
Nifty Weekly Trading Levels
Next week, 12120 will act as Resistance above, which moves towards 12180/12270/12400 can be seen.
While Support is likely to come at 11990, below, that move towards 11930/11840/11710 can be seen.
Note: The above-mentioned price projection & other Information are for educational purposes only.
