Nifty Outlook for 17th Aug

 In the previous session :

Nifty went down by 48 points then went up by  60 points before closing higher by 34 points on Monday.

Nifty made a new life time high of 16543.60 in this upmove from the lows of 7511.10 made on 24th March 2020

On 16th Aug :-

Nifty initially triggered our short trade and took our stoploss. Post that Nifty triggered our long trade and completed only 1 target

For 17th Aug :-

Sustaining above 16590 enter for 16605 - 16620 - 16670 , SL 16570

Sustaining below 16540 enter for 16525 - 16505 - 16460 , SL 16555

Now for this week :

Nifty has immediate resistance at 16585 - 16620 zone and sustaining or closing above we may see a further move towards 16715 - 16745 zone

Nifty has immediate support at 16470 - 16435 zone and sustaining or closing below that we may see a move towards 16340 - 16315 zone

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." , and we saw Nifty make a high of 16543.60 giving a 550 points move post a consecutive close above 15975 . 

Nifty would be completing all our expected targets on the upside near 16650 - 16700 zone and we can see some profit booking now on further upmoves

Incase of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks" .

Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours .                              

To receive this post daily in your inbox, kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.

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.