Monday, December 4, 2023

Nifty lifetime high, Gann Target Achieved!

We derived path on Nifty and prices moved preciously as per path and achieved our target of 20521. Nifty has been following this Gann square of 9 levels prudently.

Gann Square of 9 is simplest way to identify Price action support and resistance area.

Nifty Daily chart Anticipated as on 4th December 2023

Nifty Hourly chart Anticipated as on 4th December 2023

 Anticipated as on 4th December 2023

Nifty made fresh record high in Friday session at 20291.55. On the weekly chart, we can see that weekly trend is positive as price gave a close above previous week’s high. Also, daily trend is also positive. Unless we see a close below prior day’s low. Momentum is good in the market. KST is suggesting the same. 

On the hourly chart, prices are moving well on the upside within a classic upward sloping channel. Currently prices faced resistance of the channel. So, a decisive a breakout is awaited. Also, we have surpassed 19952 level of Gann decisively and now next target opens as per Gann is 20521 level. So overall trend is strong and positive. Every dip should be used as a buying opportunity until 19870 holds on the downside which is a vital support level.

Nifty made fresh record high in Friday’s session. For now, trend is positive. Use buy on dips method as momentum is extremely strong as long as important support holds on the downside which is at 19870 levels with the targets of 20521 (Next Gann level) followed by 20700 which is a target as per FLD. 

Happened: We have successfully anticipated this entire up move from 19952 to 20521, from one Gann level to another Gann level which we have been mentioning in our various past reports and on our social handles. The target was achieved in today’s session. So, one can create effective trade setups by combining Neo wave and Gann levels.

For now, overall outlook remains positive. One can continue to use buy on dips approach with the targets 20700 (which is a target as per FLD).

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