Nifty Tomorrow: Prediction, outlook and Trend for 07th Dec 2020

Medium Term Trend:  ☝UP (Changes to Down below 12700)

Up, Up & Away :  Nifty continues to move in a strong trend and almost touched 13300 levels today & finally closed at 13258 with a solid gain of 125 points.

In the previous we had mentioned that-

 

"If 13145 is taken out in next couple of trading sessions then the upmove is likely to gain more speed and Nifty could easily touch 13300-13400 levels. 

The way 12800 support held and Nifty has moved back towards 13100 levels is indicating that 13145 is likely to be breached"

Thats exactly how Nifty played out and it moved above 13145 and touched 13300 (almost) today. Now going forward , Nifty is likely to keep moving strongly (unless 13100-13145 level is breached) and it can even touch 14000 levels in this rally. There is no point in preempting the top area. As a traders we must stay with current trend unless proven otherwise and like we mentioned in previous post too, there is nothing on price chart which is suggesting a reversal as of now. When we see it on charts then will believe it but not before that.

Now in next few trading session, levels around 13100-13140 assumes a lot of significance and Nifty has to turn down then it must start trading below this zone else the market can continue to run up. From short term perspective 13100 and below that 12940 becomes very crucial levels. This trend will be in danger only if these two levels are taken out until hen bulls can continue to have their party.

Happy Trading

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