Nifty Analysis for 6th of November

Nifty CMP- 12120.30

EOD Analysis

Hello Readers,

Its been a while since we made the last post. Since then Nifty Index has made the low near 11535 and currently trading above 12100 range. In today’s session Index made a gap up opening as a result of US Election and positive global sentiments. 

Below is the Nifty chart indicating the price action on EOD basis – 

As one can observe in the above Nifty 3H chart, Nifty has taken support in the range of 11500/11600 range and started its upward journey. 

As for the coming days we anticipate the following price action –

During the year of 2020 we have seen Nifty Index price to correct around 40% from its all time high. And in the month of Late March to early April index made its low and there after we have seen a  ‘V’ shape recovery in index. Due to COVID – 19 pandemic, markets have corrected sharply unlike any correction that we have witnessed in the past.

And at present we are nearing the Nifty all time high which we had witnessed in the Month of Feb 2020 before the sell off. As such one has to be extra careful about their respective trading positions and trade with strict stop losses.

Considering the larger time frame we can observe the strong resistance in the range of 12211-12260. On the other hand 11628-11680 shall act as strong Support area for Nifty Index.

Daily Nifty spot levels are posted @ Nifty Spark page.

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