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 , one can use the dip in this zone to buy.
For next 2 weeks- 21st Dec-31st Dec
Any gap ups towards 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.
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.
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.
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.
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.