Last week Nifty traded in a small range of 170 points. Longs were initiated above 12025 & end up with reaching target & stop loss. The Index ended the week with 18.95 points gain.
In the previous week’s analysis, we also discussed. The Nifty is approaching a Critical fixed time cycle period. The effect of that Time cycle came into play in the latter part of the week.
As after making the high on Wednesday, Bank Index started correcting and on Friday made the low around 11883.50 levels.
Nifty Hourly Chart
As per the Nifty hourly chart, Bulls need to trade above 12020 for the up move towards 12070/12160.
On the other hand, Bears will get strength below 11835 for the move towards 11785/11695 levels.
Nifty Daily Chart
On the daily chart, Nifty Index is trading in a tight range from the last couple of trading sessions.
In the coming day’s Nifty bulls need to trade above 12040 for a rise towards 12100/12190.
The primary Support on the lower side is around 11800, any close below that can trigger fall towards 11740/11650 levels.
Nifty Weekly Chart
Nifty Weekly Analysis For 04-08 Week
Last week in this section of Nifty Weekly Analysis, we discussed. The levels on the weekly chart is still the same. Nifty bulls must break & hold above 12040 for substantial upside.
In the previous week, Nifty made the high of 12038 and started correcting. Our Gann resistance level of 12040 worked precisely.
The view as per the weekly chart is still the same; above 12040, we can see Index smooth upside.
In the forthcoming week, 25th & 26th Nov are the critical dates.
Nifty Weekly Trading Levels
Next week 11980 will act as Resistance above which move towards 12040/12130/12280 can seen.
While Support is likely to come at, 11850 below that move towards 11790/11700/11550 can be seen.
Note: Above mention price projection & other Information are for educational purpose only.