NIFTY – After a massive weekend on both sides in Nifty as well as BANKNIFTY. New Week is here to start and Tomorrow the move in both indexes will decide the Complete scenario of the week.

In the Coming NIFTY’s and BANKNIFTY Session, it is expected to have a Positive move upside after that Downtrend may Continue.

Coming to NIFTY Spot Chart According to the Daily Timeframe Nifty is Closed with a Green Inside Candle moreover Bearishness is still in the Market. The Main Factor which is responsible for the current scenario is NIFTY following a Pattern on the daily timeframe which shows that when there is a Green Candle on the closing basis on the very next day a red candle forms. and According to our analysis if NIFTY doesn’t break the pattern NIFTY can hold the bearishness for a week.

According to 15 Min Time Nifty is Following a Channel starting From 29th Nov 2021 and Currently, it’s on the bottom of the same and If the Bottom breaks NIFTY could show some bearishness close to Level 17000.

if the Market Moves upside in the morning itself NIFTY is currently Following a Downtrend Line which is currently Facing Two Resistances at 17253 which is holding a Horizontal Resistance as well as the trendline which could be a major level for the reversal in the NIFTY.

NOTE 

In NIFTY we can Plan a Reversal Trade from 17253 with a Stoploss of 30 points (At 17282) and can expect a level of 17150. The market can follow this scenario as SGX Nifty is currently Negative.

Also If the Market opens GAP Down Yesterday between 17150-17180 so while moving below this area we can expect a fast target of 17065 in NIFTY according to the Price Action analysis. and Apart from this if the breakdown continues below 17065 then we can expect a near target to 16970 which is a major confluence point with the trendline support as well as horizontal Support.

NOTE – Further on, If the Market moves on the upside we can plan a Trade towards upside breaking 17282 followed by a stop loss of 17253 and can expect a target of 17390 which is again a resistance as well as the trendlines resistance.

Now Coming Forward to NIFTY’s Future Chart The Flip is around 17220-17250 (it means upon this level market will act as positive) which is close to the Low also Marking the resistance we have 17425-17445(Market could reverse from here).

Between these levels, our first resistance is 17288 followed by a trendline resistance and After that, we have another resistance which is 17333 which is also a Fibonacci 38.2% retracement zone.

Also if we find any reversal candle between these levels we can trade for a reversal. Apart from this if the market sustains above 17333 we can trade on the upside levels which is 17432 According to the NIFTY’s Future Chart.

If We continue on the Downside below our flip which is 17220 we can expect a target of 17170. and again if we break the same level we can head towards low of the previous days which is coming near to 17100-17130 and the next is 17000-17040.

BANKNIFTY – In the Previous day of the last week, BANKNIFTY has already shown us a down move of 600-700 points. Now coming back to the Analysis for the upcoming week BANKNIFTY could show a tremendous move Monday or Tuesday.

Now Coming Forward to BANKNIFTY’s Future Chart The Flip is around 36175-36235 (it means upon this level market will act as positive) which is close to the Low also Marking the resistance we have 36800-38865(Market could reverse from here).

NOTE- If the market moves on the Higher side we can spot a reversal from 36566 which is again a Fibonacci 50% retracement zone.

If the market moves on the downside we can look for a short trade below the levels of 36175-36235 and can expect a target of 36027 which is 150 points from the flip. also if we continue we can expect a near low target of 36810-36910 which is again a major confluence of previous lows.

Also BANKNIFTY Spot chart can also be Referenced.

The post NIFTY and BANKNIFTY Analysis for 6th December appeared first on Emit Post.