Tuesday 6 July 2021

Nifty Outlook for 07th Jul

 In the previous session :

Nifty went up by 80 points then went down by 33 points before closing lower by 16 points on Tuesday.



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 06th Jul :

Nifty triggered our long trade and completed 2 targets doing 40 points . 

For 07th Jul :

Sustaining above 15850 enter for 15865 - 15875 - 15920 , SL 15825

Sustaining below 15785 enter for 15770 - 15760 - 15715 , SL 15810


Now for this week :

Nifty has immediate resistance at 15760 - 15785 zone and sustaining or closing above we may see a further move towards 15850 - 15870 zone

Nifty has immediate support at 15685 - 15660 and sustaining or closing below that we may see a move towards 15595 - 15575 zone

So far this week Nifty has made a high of 15914.20 breaking above our next resistance zone for the week but saw some profit booking from near the all time high and corrected towards our initial resistance zone . Now in the coming session as long as Nifty does not sustain below 15760 on dips we can see it try to move up again. 

Had mentioned earlier "Overall Nifty has to break and close beyond the sideways trading range of 15550 - 15900 for a bigger move in this month . " , and today Nifty came within 1 point of the all time high but again failed to close above 15900. 

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.


Incase of a gap up beyond the first target then for fresh updated levels intraday follow 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.

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