Monday 23 August 2021

Nifty Outlook for 24th Aug

 In the previous session :

Nifty went up by 142 points then went down by 55 points before closing higher by 46 points on Monday.



Nifty made a new life time high of 16701.5 in this upmove from the lows of 7511.10 made on 24th March 2020


On 23rd Aug :-

Nifty opened with a big gap up above our last long target. Post that Nifty reversed to trigger our short trade and nearly completed 2 targets doing 35 points and took our TSL. 

For 24th Aug :-

Sustaining above 16525 enter for 16545 - 16565 - 16615 , SL 16505

Sustaining below 16465 enter for 16450 - 16430 - 16375 , SL 16490


Now for this week :

Nifty has immediate resistance at 16495 - 16525 zone and sustaining or closing above we may see a further move towards 16605 - 16625 zone

Nifty has immediate support at 16405 - 16375 zone and sustaining or closing below that we may see a move towards 16295 - 16275 zone

So far this week Nifty made a high of 16592.50 nearly testing our next resistance zone and reversed sharply to make a low of 16395.70 testing our initial support zone . Now in the coming session Nifty has to break and sustain above 16525 to move towards 16605 - 16625 where it may face resistance again . On the downside breaking and sustaining below 16375 is needed for a further correction towards 16295 - 16275

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 16701.85 giving a 725 points move post a consecutive close above 15975 . 

Nifty completed all our expected targets on the upside of 16650 - 16700 zone with a high of 16701.50 and we can saw some profit booking from there .

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.

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