Nifty after making a high on Dec 20, has shown signs of consolidation. Currently it is at an hourly resistance of 12200-12210. It could reverse from here for a test of 12050-12000 (daily time frame support). View would negate above 12260
It has given a breakdown which suggests it might test 435. The view would be negated if it manages a Daily Close above 456.50 or intra day moves above 463. Whichever comes 1st.
Weekly time frame is showing a C Clamp while Daily time frame has given a breakout yesterday. It could test the next resistance near 225. View negates below 205
Weekly resistance at 11375, Daily support at 11175. Narrow range 11375-11100, break on upside could see 11550 while on the downside 10950. Most likely to be within the narrow range for the entire week as results start pouring in and we witness stock specific reactions.
It has reversed from a bearish Gartley PRZ in daily time frame. As per Ichimoku study a retest of Kijun/Kumo appears possible which coincides with the Harmonic Trading Pattern retrace expectations (56000-55500). The view would go wrong if it sustains above 58900 on closing basis.
Nifty is very much within the expected range, and as expected could not go beyond 11100 on Wednesday. For the day 10925 looks like a good support & It could now start another move from here for 11200-250 as long as it can stay above 10850.
