NIFTY Under Pressure (Analysis for [3/12/2021])

Dec 2, 2021

Nifty Analysis for 3/12/21

• As of 2/12/21 the bulls managed to push the market towards the CPR of 17501.
  
  
• This then creates a question mark for 3/12/21.
  
  
• The Yellow Marks on the chart indicates the critical resistance levels. This also indicates that the bears are dominating the market.
  
  
• The Green Marks on the chart indicates the straight support level for Nifty.
  
  
• The minor support worked well for today, but expecting some sort of trickery traps tomorrow.
  
  
• Also there is a strong 3 Day Bearish candles placed in line above the minor bullish support.
  
  
• The Pitchfork slightly gives an idea of Bullish Momentum may be on market but we need a confirmation candle tomorrow.
  
  Putting it all together
  
  Finally, we got a CPR at 17501, slight Bullish Momentum, Critical Resistive Zones and Minor Bullish Supports.
  This then gives a 60-70% Chance of Bearish Day for NIFTY

Please remember: Volatility is increasing

Thanks for spending your valuable time with my analysis on nifty.