Last week, Nifty went above 12120 but failed to hit any of the targets, and later, it hit our stop loss. Then, on Tuesday, it went below 11990 and hit our first target on the sell side. The Index ended the week with a 134.55-point 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 must 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, Nifty bulls must trade above 12050 to regain strength.
The primary Support on the lower side is around 11880; any close below that can trigger a fall towards 11810/11720 levels.
Nifty Weekly Chart
We discussed this section of the Nifty Weekly Trading View last week. Above 12040, the Nifty made the high around 12158, a more than 100-point gain. We can see a further upside towards the 12270/11390 ranges.
The 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 of a short—to 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, indicating a move towards 12120/12200/12320.
While Support is likely to come at 11880, below that, a move towards 11820/11740/11620 can be seen.
