Nifty analysis

Nifty is neither weak nor strong as it is looking for US Election at this time. The real move of nifty can be seen after the result. The strength it shows from its recent low i.e. 10790 looks like it will try to touch it’s previous high i.e. 12450 but facing resistance at 12050 it’s not a good sign. So one can take a long position if nifty crosses above 11832 for the target of 12050 For the downside position if it will close below 11530. for the monthly movement.

According to the weekly charts nifty try to break 12030 level for the target 11200 and face the resistance there but if nifty starts moving downward journey it will take support at its 20MA i.e. 11300 then its 100MA i.e. 11130.

For the daily analysis nifty is moving in the range between 11500-11800 so this level is to watch for before entering into the trade so if nifty breaks 12050 levels then the target will be 12200 and if nifty moves downward direction it will take support at 11750 its 200 MA then 11700 ( 20 DEMA)

Watch nifty movement with Reliance as it is looking weak. Closely watch for big swing movement on the result day or after the result.

I hope this analysis will help you for the upcoming trading session.

Thank you
Analysis by
Akshay Singh

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