NIFTY For Reminder of the week. Caution Please. Data Heavy week.

NIFTY is facing stiff resistance near its new peak of 18887.6. Global cues are not supporting and Nifty is looking for support. It will be fair enough if Nifty comes down slightly searching for support. Outcome of Monetary policy meet started this week is expected around 7th December. We also have upcoming Assembly Election results which can defy Global cues and take the Nifty further to new highs if the results are supportive to the market. It can be a volatile few days and traders should remain cautious.

Major Support Levels: 18591, 18370 and 18120.

Major Resistance Levels: 18771, 18887 and finally the medium term target of 19135.