Nifty Outlook for 04th Feb

 In the previous session :

Nifty went up by 1 points then went down by 269 points before closing lower by 220 points on Thursday.

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 03rd Feb :-

Nifty triggered our short trade and completed 2 targets and more doing 175 points .

For 04th Feb :-

Sustaining above 17650 enter for 17705 - 17770 - 17940 , SL 17585

Sustaining below 17470 enter for 17415 - 17350 - 17180 , SL 17535

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 with a high of 17794.60 in the previous session. Post that in todays session we saw Nifty fall till 17511.15 and also closed below the immediate support zone of 17630 - 17570 .  Now in the coming session Nifty needs to once again break and sustain above 17630 for a move back towards 17790 levels whereas on sustaining below 17570 we may see a move towards 17400 - 17350 next . 

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.