Nifty Outlook for 03rd Feb

 In the previous session :

Nifty went up by 217 points before closing higher by 203 points on Wednesday.

Nifty made a new life time high of 18604.45 in this upmove from the lows of 7511.10 made on 24th March 2020

On 02nd Feb :-

Nifty triggered our long trade with a gap up and completed 2 targets doing 115 points .

For 03rd Feb :-

Sustaining above 17870 enter for 17925 - 17990 - 18150 , SL 17810

Sustaining below 17690 enter for 17635 - 17570 - 17400 , SL 17750

Now for this week :

Nifty has to break and sustain above 17205 - 17265 where it has its initial resistance to move towards next targets of 17440 - 17480 . Sustaining or closing above 17480 Nifty move towards further targets of 17625 - 17785.

Nifty has to break and sustain below 17000 - 16940 where it has its initial support to move towards next targets of 16770 - 16720 . Sustaining or closing below 16720 Nifty may move towards further targets of 16580 - 16420 .

So far this week Nifty has made a high of 17794.60 completing our expected targets of 17625 - 17785 on sustaining above 17480 . Now for a further upmove Nifty has to sustain above 17790 for move towards 17870 - 17990 in the coming session . On the downside now immediate support is at 17630 - 17570 which it needs to hold on dips else breaking and sustaining below it we can see a dip towards 17400 - 17350.

As mentioned previously "Nifty has to give a consecutive close above 17540 to expect a further bounce " , and Nifty has given a consecutive close above it and made a high of 18350.95 for the month giving a move of around 800 points . Post that now Nifty has reversed to make a low of 16836.80 correcting around 1500+ points . 

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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.