Markets moved on expected lines during the week gone by. The strength continued in our market along with International Markets. But as I mentioned in my post dated 30th of November 2020 this rally would be tested by the factor of TIME.
On price front last week I gave 2 targets on upside at 13135 and the zone of 13315 to 13365 on spot. Initially NIFTY found it tough to cross the first weekly Gann Angle of 13135 but when it broke NIFTY continued to scale new highs. And almost achieved the another target area. High made was 13280 on friday. Since we had it on Friday this week also highs would be scaled. For this week 13365 is a minor challenge according to price above it 13520 and 13680 are weekly angles on upside. Supports are placed at 13120 for this week and major support is at 12950 this support has moved up from 12700 from previous week. On monthly setup supports have moved up substantially before this important week. It’s important for us to chase this rally carefully and sensibly.
NIFTY BANK also is yet to achieve the zone of 30500 which I mentioned on 30th November post. The high of the week was 30162 on Friday. On individual stocks front in derivatives there are only handful of stocks which are providing reliable entry opportunities. So at this point of time its wise to buy those stocks in cash. And hedge them by NIFTY PUTS to control market Voletility.
This week is pivotal for Markets on multiple fronts. The Important aspect would be the squaring of time which would happen in 2nd half of this week. So going ahead the high and low would be the reference points for the strength or weekness. I already shared December Gann dates in my earlier post. Sharing the linc below.
Disclaimer views expressed above are personal. And are Subject to change with time. Any Trades taken with reference to above Analysis has to be at your own risk. Trading in Financial markets is always subject to risk. So dont forget to consult your Financial advisor before taking any trades.
gann,insides 