Nifty Outlook for 02nd Jun

 In the previous session :

Nifty went up by 78 points then went down by 55 points before closing lower by 8 points on Tuesday.

Nifty made a new life time high of 15660.75 in this upmove from the lows of 7511.10 made on 24th March 2020

On 01st Jun :

Nifty triggered our long trade and barely completed 1 target and took our stoploss . Post that Nifty traded between our long and short trigger zone for the day indicating indecisiveness.

For 02nd Jun :

Sustaining above 15630 enter for 15650 - 15670 - 15750 , SL 15585

Sustaining below 15520 enter for 15500 - 15480 - 15400 , SL 15565

Now for this week :

Nifty has immediate resistance at 15510 - 15560 zone and sustaining or closing above we may see a further move towards 15680 - 15720 zone

Nifty has immediate support at 15360 - 15315 and sustaining or closing below that we may see a move towards 15190 - 15155 zone

So far this week Nifty made a high of 15660.75 and closed above our initial weekly resistance and now as long as its sustaining above 15560 we can see Nifty make a move towards 15680 - 15720 next.

Now as long as Nifty is closing above 15270 on corrections we can see it bounce back . On the upside Nifty can see some selling pressure near 15650 - 15670 .

As mentioned for the month of May "On the upside Nifty has strong resistance at 14850 - 14980 and it needs to give a consecutive close above it for further upmove.", we saw Nifty make a high of 15606.35 on giving a consecutive close above 14980 .

In the month of May Nifty made a high of 15606.35 and made a low of  14416.25 .

For the month of June Nifty has to give a consecutive close above 15825 for the upmove to gain strength. On the downside Nifty has to give a consecutive close below 15340 for a stronger correction.

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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.