Nifty | Pre-Market | Dec 2024 | Week-1

Nifty closed the previous week with some Bullishness breaking out from the trend line resistance forming since 27 Sep 2024.

Last weeks candle was a Pin bar with some Selling pressure from the top. This is not a purely Bullish sentiment indication.

Nifty should turn Bullish only once it starts trading above the 50% zone of the previous fall which is above 24,800 level.

For the upcoming week, for now, Nifty is in a trap zone since it is trading above December Monthly Pivot but below next week's Pivot.

Long View ~ Above 24,366 for a target till 24,700 or thereabouts.

Short View ~ Below 23,882 for a target till 23,420 or thereabouts.

No trade view for any level in between.