Nifty Outlook for 02nd Jul

  In the previous session :

Nifty went up by 34 points then went down by 55 points before closing lower by 41 points on Thursday.

Nifty made a new life time high of 15915.65 in this upmove from the lows of 7511.10 made on 24th March 2020

On 01st Jul :

Nifty triggered our short trade and completed 2 targets doing 25 points . The index is moving in a narrow range and hence targets are small too .

For 02nd Jul :

Sustaining above 15715 enter for 15725 - 15740 - 15785 , SL 15685

Sustaining below 15645 enter for 15635 - 15620 - 15580 , SL 15675

Now for this week :

Nifty has immediate resistance at 15905 - 15935 zone and sustaining or closing above we may see a further move towards 16010 - 16030 zone

Nifty has immediate support at 15815 - 15785 and sustaining or closing below that we may see a move towards 15710 - 15690 zone

So far this week Nifty has made a high of 15915.65 testing our initial resistance and took resistance . Post that Nifty has corrected till 15667.05 testing our next support zone . Now as long as Nifty is sustaining below 15690 we can see a further move till 15625 - 15550 . Sustaining above 15710 Nifty can retest 15785 - 15815 zone again.

Nifty failed to break and sustain above 15935 for a move towards 16000+ and now breaking and closing below 15690 will indicate further weakness. 

In the month of June Nifty made a high of 15915.65 and made a low of  15450.90 .

Our cbsl for shorts in June was 15900 which was tested on a couple of occasions but held out.

For the month of July Nifty has to give a consecutive close above 15895 for a further move on the upside .  On the downside Nifty has to give a consecutive close below 15550 for a further 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.