Nifty view till December Expiry

NSE:NIFTY   Nifty 50 Index
As Index moves higher approaching resistance trend line with RSI above 80. Small intraday dips are being bought and somehow index management is going on. The risk reward for Long becomes very unfavourable at these levels.

Immediate resistance at 13880-13920 and if index manages to stay above 13600-700 for upcoming sessions then we may see one more attempt towards 13950-14020.

Immediate Support at 13600 followed by 13350. 12750-13000 zone should act as strong demand zone , one can use the dip in this zone to buy.

For next 2 weeks- 21st Dec-31st Dec
Any gap ups towards resistance zone should be used to sell with SL 14050.
If holds 13600, one can go long using 13550 as SL.
Sustaining below 13600 will make this structure weak and may attract more selling till 13350.

Happy Trading
Comment: Update:
Resistance zone now at 13550-600. Any rejection from this area confirms the downtrend will continue.

Once prices closed above 13550-600 only then possibility of higher levels will be considered.

Any retracement towards 13550-600 is selling opportunity with SL 13650.

Happy Trading
Comment: Update:
What a dramatic closing Nifty has given.
We have to wait & watch for price action around 13600-650 levels.

Few possibilities to be considered:

1. Nifty opens Gap up on 24th Dec Thursday 13620-13650+ and trades above it for atleast 1 hr. In that case no one can stop for a follow up rally driven by short covering. This is make the structure bullish.

2. Nifty opens Gap up but see strong rejection and trades below 13550-600 for 1 hr. In that case we will see pressure builds on short side.

3. Nifty will do a ZigZag between 13200-13600 and consolidates for next 1-2 weeks before moving anyside. This looks more likely scenario to me.

Let's see what happens & plan your trade accordingly.

Happy Trading
Comment: Update:
Nifty closed above 13650 which makes this structure bullish.

Immediate resistance at 13880-13920 provided Index holding 13700 in first half.

Immediate Support at 13600-13650 followed by 13350.

Happy Trading
Comment: As we sustain on higher levels the resistance line moves upward giving index more space to make newer highs.

Immediate resistance at 14070-14110 for next two days and if index manages to stay above 13800-13850 for upcoming sessions then we may be very close to 14100.

Immediate Support at 13850 followed by 13550 zone.

For next 2 days- 30th Dec-31st Dec
Any gap ups towards resistance zone should be used to sell with SL 14150.
Sustaining below 13850 will make this structure weak and may attract more selling till 13550.

As we move higher risk reward for going long definitely not favourable.

Happy Trading


I haven't done fib study in this analysis.
for now 13600-13800 turns resistance zones. Any bounce is a chance to sell.
we can review once closes above 13600 for higher targets.
what about achieving 14117 fib target in dec 20? will it be postponed to jan 21?where do you expect dec expiry?