Nifty Outlook for 20th Jul

 In the previous session :

Nifty went down by 216 points before closing lower by 171 points on Monday.

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 19th Jul :

Nifty triggered our short trade with a big gap up below our last daily target and fell further by 100 points . 

For 20th Jul :-

Sustaining above 15800 enter for 15820 - 15835 - 15900 , SL 15765

Sustaining below 15705 enter for 15685 - 15670 - 15600 , SL 15740

Now for this week :

Nifty has immediate resistance at 15970 - 16000 zone and sustaining or closing above we may see a further move towards 16075 - 16100 zone

Nifty has immediate support at 15875 - 15850 zone and sustaining or closing below that we may see a move towards 15770 - 15750 zone

So far this week Nifty has made a low of 15707.50 breaking below our next support zone and closed just within in . Now sustaining below 15750 Nifty can correct further towards 15680 - 15605 where we may see buying resume.

Had mentioned in the previous post "Now as long as Nifty is holding 15750 on corrections we can see it bounce back towards 16000.", today Nifty managed to close just borderline above it .

Also had mentioned " 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 correction again. ", and we saw Nifty make a high of 15962.25 last week breaking above the congestion zone of 15900 but reverse today sharply.

Now on further downside Nifty has strong support at 15590 and as long as it holds it on closing basis we can see it attempt to bounce back.

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.