NIFTY Monthly Analysis for Dec 2019 Long

Nifty 50 IndexNSE

Description

⋅ Dec 5, 2019 5:39 AM

Opening : Between H3 and L3

Position : CPR of this month is above previous month's , indicating a bullish outlook.

Width : CPR is narrower than previous month's, indicating a trending month.

Strong Resistance : R2,H5 and yearly H5 coinciding

Strong Support :
1) CPR, L1, L2, L3 coinciding
2) L4, yearly H4 coinciding

My analysis :

Since the CPR is narrower and above previous month's CPR, expecting NIFTY to reach H3/R1(atleast once) and higher by the end of this month.

L3/S1 already touched and bounced. If S1 is breached and sustained, expect more bearish movement in the index.

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Comment

⋅ Dec 11, 2019 10:22 AM

Strong support 1 breached, now it will act as resistance. Most likely to oscillate between 11960 and Strong support 2 for few days before making any breakout.