Nifty closed above its major supply zone @ 12085-12115. The trend will be positive if it will sustain above this zone. Its next supply zone @ 12160-12170. One it will sustain above this zone it may test 12200 and sustain above 12200 it may test 12245-12260 zone.
Please Find the supply and demand zones in the chart.
Demand Zones for this week: -
12085-12120 & 12000-11975 & 11900-11880 & 11835-11800 & 11740-11725 & 11635-11610
Supply Zones for this week: -
In any case, if Nifty will sustain above 12250 then possible to see higher levels but possibility is very low for this option.
If this time Nifty will sustain below 12000 then it will test lower demand...
Nifty is ready for the big move in this week and the maximum possibility is that this move will be on the downside.
On the upside, it's difficult to trade above 12200-12300 zone. I will change my view once it will trade above 12300 in this coming week.
I will watch 11700 and11600 zone, in any correction nifty will take support from 11700 or 11600 levels....
On Nifty weekly chart major strong demand zone @ 11580-11430 and strong Supply Zone @ 11830-11960.
I am expecting the Nifty trading range will be between these zones. Nifty Trend Line Support and Resistance area is getting narrow. In the coming days, I am expecting the Nifty in a wide sideways range.