Nifty analysis for 11/12/2024.
Nifty is in a range bound cycle after the bullish move from the recent low. 50% Fibonacci levels is acting as a crucial resistance level for the market.
Overall market seems bullish but still the market can take the resistance form fib levels and revert to continue the bearish trend.
The moving averages on the hourly charts are near to the trading price and it can move either way.
Major support levels :- 24500, 24330, 24170
Resistance levels :- 246660, 24770
Wait for the price action near the levels before entering the market.
Nota
Tomorrow is the weekly expiry of the index. As the market is trading in a range, there are chance of a break out momentum coming on the expiry day.
Watch out the break out and trade in the side of the market.
Levels are still intact with 10-20 points variation. k
If there is a break out in the second half of the session. Trend following alongwith trailing SL will be a good setup to capture the most of the move.
Nota
Nifty is still in a range and a squeeze is there in the bollinger band.
There can be a trending move in the market either side. Watch break out and a retest, chances of a failure can be there.
Wait for the price action near the levels before entering the market.
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