Nifty Outlook for 16th Jul

  In the previous session :

Nifty went up by 98 points before closing higher by 70 points on Thursday.

Nifty made a new life time high of 15952.35 in this upmove from the lows of 7511.10 made on 24th March 2020

On 15th Jul :

Nifty triggered our long trade and completed 2 targets and more doing 55 points .

For 16th Jul :

Sustaining above 15955 enter for 15975 - 15995 - 16055 , SL 15935

Sustaining below 15895 enter for 15875 - 15850 - 15795 , SL 15915

Now for this week :

Nifty has immediate resistance at 15735 - 15765 zone and sustaining or closing above we may see a further move towards 15840 - 15860 zone

Nifty has immediate support at 15645 - 15615 zone and sustaining or closing below that we may see a move towards 15540 - 15520 zone

So far this week Nifty made a high of 15952.35 holding above 15815 as mentioned in the previous post and tested our targets of 15925 - 16000 . 

Now Nifty has to sustain above 15955 for a move towards 16000 - 16025 which is the final targets for this week . 

Now Nifty has broken the sideways trading range of 15550 - 15900 and we may see it finally testing 16000+ . 

But from here Nifty is also going to approach a stiff resistance zone of 16050 - 16150 which it would need to cross and close above for a bigger move else we may see a good correction again. 

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

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.