Overview
Nifty observed the life time high previous week at ~12160. The Bullish trend is still continued and further rally can’t be questioned. However, selling pressure was observed on Friday and Nifty closed at ~12056. Below is the analytical chart on Nifty.
We can observe from the Daily chart that Nifty is now trading at a strong resistance level. As always, It is wise to wait and confirm the direction. On the downside ,12000 is strong support level for Nifty. But if that is broken, we can see Nifty dropping to ~11910. On the upside, if it breaks resistance and rises up, the next level could be ~12300. All technical indicators are bullish.
From trading point of view, its advisable to wait for the confirmation and then trade as per the direction targeting the next S/R levels.
For a complete report on what can be expected this week, Please email at sstpredictions@gmail.com to receive it.
Disclaimer
This article is to introduce readers / traders/ students about the predicting aspects of trading and doesn’t guarantee any success. Trading is a very risky business and losses can exceed investments. Trade at your own risk
