Friday 6 August 2021

Nifty Outlook for 06th Aug

 In the previous session :

Nifty went down by 48 points then went up by 90 points before closing higher by 36 points on Thursday.



Nifty made a new life time high of 16349.45 in this upmove from the lows of 7511.10 made on 24th March 2020



On 05th Aug :

Nifty initially triggered our short trade and took our stoploss . Nifty then reversed to trigger ou long trade and completed 2 targets doing 50 points .

For 06th Aug :-

Sustaining above 16335 enter for 16355 - 16385 - 16455 , SL 16305

Sustaining below 16255 enter for 16235 - 16205 - 16135 , SL 16285


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 16349.45 testing our revised target zone of 16350 - 16450 . 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.


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.Nifty 

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