Last week above 11875 resistance level Nifty almost reached our 2nd weekly target.
The previous week’s high came on 05th July, the Time Cycle date we discussed in last week’s analysis.
The index ended the week with 22.3 points gains.
On the hourly chart, Nifty Bulls need to trade above 11900 for a further rise towards 11965/12040 levels.
Nifty Bears will get the chance only below 11790, for the move towards the 11740/11670 level.
On the Nifty daily chart, the Nifty has hit the crucial Gann Price Time level. Any close below 11800 will trigger a further fall towards 11740/11670 levels.
Nifty Analysis For the Week 08-12 July
In this section last week, we discussed: That nifty fresh Breakout for the long side is still waiting. Prices are making crucial changes on the weekly chart.
As a result of that Nifty has made the Short-term Pivot (Resistance) on the weekly chart.
Now the Bulls for short to medium-term rallies will get active only above 12010 weekly close.
In the forthcoming week, 08 & 12 July are the critical dates.
Nifty Weekly Trading Levels
Next week 11910 will act as Resistance above which move towards 11955/12010/12120 can seen.
While Support is likely to come at, 11790 below that move towards 11745/11680/11570 can be seen.
Note: Above mention price projection & other Information are for educational purposes only.
