Nifty Outlook for 05th Aug

 In the previous session :

Nifty went up by 159 points before closing higher by 128 points on Wednesday.

Nifty made a new life time high of 16290.20 in this upmove from the lows of 7511.10 made on 24th March 2020

On 04th Aug :

Nifty triggered our long trade and nearly completed all targets doing 115 points .

For 05th Aug :-

Sustaining above 16300 enter for 16320 - 16350 - 16420 , SL 16270

Sustaining below 16220 enter for 16195 - 16170 - 16100 , SL 16250

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 16290.20 completing all our initially expected moves till 16260 . Now for a further move Nifty needs to sustain / close above 16260 for a further move till 16350 - 16450 next. We may see some correction from near this zone in the coming session as we have already moved up too fast.

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 consecutive close to confirm further upmoves and buy on dips.

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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.