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NIFTY WEEKLY CHART STUDY

NIFTY12

THE MORE YOU STRUGGLE WHILE TRADING, IT WILL BE HARDER TO GET THE PROPER RESULT

Try to trade with calm mind, take your time before taking any position, think twice about your decision, because if you struggle here, while taking position, then it will be problem to make profit on your trade.

Last week we mention level of 7880 on closing basis nifty able to made low of 7865 almost but unable to close below this level, and upside it able to move above 7935 level and able to made high of 7970 almost and given a good close at 7955 almost.

Now as per current chart development we can see double top near to 7970 level, and at this point trend line resistance also.

Rsi also moving into overbought zone now, so till the price is trending we don’t need to bother about this.

Overall as per current chart development we can see that for now 7800-7850 range is big support on chart and upside 7970-8020 is big resistance zone.

If market able to move and close beyond 8020 level then further upside we can expect till 8150-8300-8800

If any negative candle near to 7970-8020 level, and if this is confirm on next day also then again we can see some correction till 7900-7850-7800-7740 level.

But for a major trend big levels are 7800-8020 in coming days.

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