Nifty Outlook for 05th Feb

 In the previous session : 

Nifty went down by 75 points then went up by 123 points before closing higher by 105 points on Thursday as compared to the previous day's close. 

Nifty  made a new life time high of 14913.70 in this upmove from the levels of  7511.10  . 

On 04thFeb :

Nifty traded between our long and short trigger range today and did not give a signal on either side indicating a bit of fatigue in this upmove.

For 05th Feb :

 

Sustaining above 15015 enter for 15085 - 15170 - 15395 , SL 14930

Sustaining below 14775 enter for 14705 - 14620 - 14395 , SL 14860

 

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 . 

So far this week Nifty has made a high of 14913.70 and sustaining above 14620 we were expecting to see a move towards 14950 - 15150 with a small hurdle at 14815 on closing basis which has been now crossed .

Also once again caution is advised on entering fresh long positions in the index on moves towards 14950 - 15150.

 

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.