Nifty Outlook for 04th Aug

 In the previous session :

Nifty went up by 262 points before closing higher by 245 points on Tuesday.

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 03rd Aug :

Nifty triggered our long trade and completed all targets and more doing 220 points .

For 04th Aug :-

Sustaining above 16175 enter for 15195 - 16225 - 16300 , SL 16145

Sustaining below 16090 enter for 16065 - 16035 - 15960 , SL 16120

Now for this week :

Nifty has immediate resistance at 15825 - 15865 zone and sustaining or closing above we may see a further move towards 15975 - 16000 zone

Nifty has immediate support at 15700 - 15660 zone and sustaining or closing below that we may see a move towards 15555 - 15525 zone

So far this week Nifty has made a high of 16146.90 and also closed above well above 16000 . Now as long as Nifty is holding above 15975 on closing the dips can be bought for further move towards 16200 - 16260 . 

In the month of July Nifty made a high of 15962.25 and made a low of  15513.45 .

As mentioned at the start of the month "For the month of August Nifty has to give a consecutive close above 15975 for a further move on the upside .  On the downside Nifty has to give a consecutive close below 15550 for a further correction." , today Nifty gave its first close well above 15975 and now we need a consecutive close for bigger moves .

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.