Nifty Outlook for 01st Feb

In the previous session : 

Nifty went up by 149 points then went down by 220 points before closing lower by 182 points on Friday as compared to the previous day's close. 

Nifty  made a new life time high of 14753.55 in this upmove from the levels of  7511.10  . 

On 29th Jan :

Nifty initially triggered our long trade with a gap up near our 2nd target and did not give a trade . Post that Nifty reversed and triggered our short trade and completed all targets and more doing 160 points .

For 01st Feb :

 

Sustaining above 13695 enter for 13730 - 13770 - 13880 , SL 13650

Sustaining below 13575 enter for 13540 - 13500 - 13390 , SL 13620

 

Now for this week :

Nifty has immediate resistance at 13730 - 13790 zone and sustaining or closing above it we may see a further move towards 13950 - 13990 zone 

Nifty has immediate support at 13540 - 13480 zone and sustaining or closing below it we may see a further move towards 13320 - 13280 zone . 

We have the budget too on 01st Feb and markets can be expected to be volatile and give good swings. Its better to wait for the budget to get over and then look at a trade as per levels .

 

Incase we get a gap up beyond the 1st target then will update fresh levels as per pre opening on the telegram channel "simplytradestocks"

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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them  . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.