In the previous session :
Nifty went up by 102 points then went down by 5 points before closing higher by 20 points on Thursday as compared to the previous day's close.
Nifty made a new life time high of 13216.60 in this upmove from the levels of 7511.10 .
On 03rd Dec :
Nifty opened near our 2nd long target and did not give a chance to enter a trade.
For 04th Dec :
Sustaining above 13175 enter for 13195 - 13225 - 13300 , SL 13145
Sustaining below 13095 enter for 13070 - 13045 - 12970 , SL 13125
Now for this week :
Nifty has immediate resistance at 13045 - 13090 zone and closing above it we may see a further move towards 13215 - 13245 zone
Nifty has immediate support at 12895 - 12850 zone and closing below it we may see a further move towards 12725 - 12690 zone .
Nifty made a high of 13216.60 near the next resistance as expected and closed at 13133.90 . Now it has immediate support at 13045 - 13090 zone . As mentioned earlier longs should be cautious as we approach the next resistance as we can see some profit booking and a correction if resistance is taken in the range of 13215 - 13245 .
Overall Nifty has stiff resistance at 13215 - 13245 zone and unless we get a strong close above it we can see a correction on upmoves .
Incase we get a gap up beyond the 1st target then will update fresh levels as per pre opening on the telegram channel "simplytradestocks"
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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.
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