Last week Nifty went above 12120 but failed to do any of the targets, and later it hit our stop loss. Then on Tuesday, it went below 11990 and did our first target on the see side. The Index ended the week with 134.55 points loss.
In the previous week, we also discussed. The Nifty Index will complete the critical time cycle point. The effect of that Time Cycle came into play, and from the higher side, Nifty corrected nearly 150 points.
Nifty Hourly Chart
As per the Nifty hourly chart, Bulls need to trade above 12060 for the up move towards 12120/12210.
On the other hand, Bears will get strength below 11880 for the move towards 11820/11730 levels.
Nifty Daily Chart
In the coming day’s Nifty bulls need to trade above 12050 for getting the strength back.
The primary Support on the lower side is around 11880, any close below that can trigger fall towards 11810/11720 levels.
Nifty Weekly Chart
Last week in this section of Nifty Weekly Trading View, we discussed. Above 12040 Nifty made the high around 12158 levels, more than 100 points gain. We can see a further upside towards 12270/11390 ranges.
Nifty Index failed to move higher. Now on the lower side, 11600-550 is the critical support on the weekly charts. Any close below that will add the possibility short to a medium-term trend change.
In the forthcoming week, 09th Dec is the critical date.
Nifty Weekly Trading Levels
Next week 12060 will act as Resistance above, which move towards 12120/12200/12320 can be seen.
While Support is likely to come at 11880 below that move towards 11820/11740/11620 can be seen.